PETALING JAYA: SMRT Holdings Bhd
’s wholly owned subsidiary, N’osairis Technology Solutions Inc (NTSI), has accepted a letter of offer from Pito AxM Platform Inc (Papi) to deploy its managed ATM infrastructure solution in Luzon, the Philippines.
According to filing with Bursa Malaysia on Feb 27, SMRT said NTSI will oversee the network infrastructure at each ATM installation location, ensuring that all pertinent standards are met as part of priority-wireless support.
Additionally, for each deployed site, NTSI will guarantee a 99.5% service-level assurance for network uptime.
By the end of 2024, SMRT’s Internet of things (IoT) solutions will be deployed at ATM locations designated by Papi and will have a duration of three years commencing from the date of installation for each site.
SMRT also highlighted that the letter of offer had no mention of a set contract value and that NTSI would bill for work completed in compliance with the schedule and specifications of the sites Papi has identified.
SMRT group managing director Maha Palan said the group is well-positioned to replicate its business model in other potential markets across Asean, following its expansion into the Philippines.
He added that SMRT remains confident about its current growth strategy and is committed to the group’s goal of being the leading provider of comprehensive end-to-end IoT services in the region.
According to SMRT, the contract is anticipated to increase the group’s earnings per share and net assets per share, with recurrent maintenance revenue being recognised for the following three years.
“Currently, more than 50% of our revenue stems from recurring sources. With the additional sites that we will manage, we will further grow our recurring income base,” he said in a statement.
The contract, however, is not expected to have any significant effects on the group’s share capital or shareholdings.
SMRT Group will be financing its commitment via internally generated funds.
