KUALA LUMPUR: Yi-Lai Bhd has entered into a joint venture agreement with TechBase Solution Sdn Bhd to go into information technology business, a Bursa statement said.
It is deemed as a related party transaction, by virtue of Au Yee Boon’s interest in both Yi-Lai in which he emerged as the executive director and a major shareholder in Yi-Lai on Aug 27 2020, and TechBase in which he was already the ultimate major shareholder, or interested director.
In a statement to Bursa, tile manufacturer Yi Lai said the JV will enable it to specialise in the provision of blockchain and system integration services. Yi-Lai and TechBase shall hold a 49% and 51%, respectively of the new entity. The proposed issued share capital of the JVC is RM19.38mil.
The proposed diversification will also involve its subsidiaries.
TechBase was incorporated in 2009 in Malaysia. It is an IT Solutions provider with 11 years of experience in this particular field, and offers products ranging from enterprise resource planning, sales management systems, business productivity solutions and website design and development.
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