Quick take: ARB gains 3% on its foray into Cambodia


KUALA LUMPUR: Shares in ARB Bhd gained 3% in early trade Thursday after the company announced its maiden foray into Cambodia’s  Internet of Things (IoT) and information technology (IT) markets.


The IT solutions and services provider rose 3.19%, or 1.5sen to 48.5 sen. It is one of the most active counters on Bursa Malaysia with over 9.7 million shares done.


ARB Bhd has entered into a memorandum of understanding (MoU) with Chean Chhoeng Thai Group Co Ltd (CCTG) to deploy IoT and IT to the latter’s US$1.5bil (RM6.2bil) mixed development project in Phnom Penh, Cambodia.


The total value for ARB’s IoT and IT project is not less than US$100mil (RM417mil).


CCTG’s mixed development project involves the development of office buildings, a commercial complex, an arts centre, a cultural square, resorts, condominiums, a five-star hotel, an exhibition centre, and a public park, along the Tonle Sap river.


In addition, ARB also entered into an MoU with HK Yue Tai Life Insurance (HKYT) to provide to the enterprise resource planning system and solutions.


The project is valued at no less than US$20mil.


ARB will deploy the related hardware and software for HKYT and in turn the HKYT will outsource the IT management project to ARB.


Stock on the Move , ARB