Consortium signs HoA to finance 5G projects

KUALA LUMPUR: A consortium, comprising SMTrack Bhd along with five other listed companies, has signed a Heads of Agreement (HoA) with 5G Infra Tech Solution Sdn Bhd to undertake a series of corporate exercises.

The corporate exercises targets to raise funds and finance 5G and fibre optics-related projects by Digital National Bhd (DNB) and Malaysian Communications and Multimedia Commission (MCMC).

The other five other companies are Country Heights Holdings Bhd, Jiankun International Bhd, Sersol Bhd, Techna-X Bhd and MQ Technology Bhd.

In a joint press conference today, SMTrack deputy executive chairman Azmi Osman said the consortium foresees many joint ventures funding the installation of 5G telecommunication towers.

"5G Infra Tech will undertake its maiden 5G project in collaboration with Ennova Sdn Bhd (Ennova), one of the contractors for 5G projects by DNB.

"The investment in 5G telecommunication companies such as Ennova will improve the consortium’s revenue stream and bottom line," he said at the HoA signing ceremony today.

Meanwhile, 5G InfraTech executive chairman Datuk Saiful Nizam Mohd Yusoff said Ennova was the first to sign a memorandum of agreement with the company to finance the rollout of the 5G network.

He said Ennova plans to install and maintain 350 telecommunication towers all over Kuala Lumpur.

"With the huge financing from 5G InfraTech, Ennova can easily roll out 10,000 towers all over Malaysia," said Saiful Nizam.

He said the consortium would fund all of 5G Infra Tech’s 5G construction and operation costs.

Bumiputera Agenda Steering Unit (TERAJU) chairman, Datuk Seri Mohd Redzuan Mohd Yusof had also attended the signing ceremony.

In his speech, Mohd Redzuan said the consortium, led by SMTrack, would enable Malaysia’s 5G network project to be locally funded and thus, saving billions of foreign exchange outflow for the country. - Bernama