Wednesday, July 11th, 2018
PETALING JAYA: G3 Global Bhd's unit Atilze Digital Sdn Bhd has entered into a joint venture agreement with Gosuncn Welink (USA) Technology Co Ltd (Welink) and Prospect Industry LLC to undertake the business of Internet of Thing (IoT).
Based in US, Welink is principally involved in providing the software platform, which is needed for operating the connected car and mobile application solutions, while Prospect which was incorporated in Nevis is engaged in investment holdings.
G3 Global told the stock exchange today that the JV is in line with its plans to collaborate with a leading provider of software platform that includes the connected car and related businesses and aims to reach out to potential customers for the Southeast Asia Market.
The joint venture company (JVC) will have an authorised capital of RM100,000. Atilze, Welink and Prospect will subscribe 55,000, 30,000 and 15,000 ordinary shares of the JVC, or 55%, 30% and 15%, respectively.
G3 Global said Atilze will fund its investment in the JVC via internally generated funds.
The group said it believes that the project has good prospects to broaden its revenue base, contribute to its future earnings and expand its income streams from this area of IoT.
“The board is optimistic that the project will contribute towards profitability of G3,” it added.
PETALING JAYA: Atta Global Group Bhd's wholly owned subsidiary Atta Properties Sdn Bhd (APSB) today entered into share sale agreements with vendors for the acquisition of two property developers for RM7.5 million.
The proposed acquisition involves the purchase of the entire stake in Eminent Potential Sdn Bhd for RM4 million cash and Scanrite Sdn Bhd for RM2 million cash.
Upon completion of exercise, Eminent and Scanrite will become wholly owned subsidiaries of APSB.
Eminent and Scanrite both intend to undertake a property development project on its respective land in Penang and Kedah.
“This proposed acquisitions will provide the group with opportunities to obtain additional land banks for future development. The board is optimistic that the proposed acquisitions would generate synergistic benefits to the group in future,” Atta said.
The exercise will be funded by internally generated funds.
The proposed acquisitions are a strategic move in view of the company's proposed diversification into property development.
“The board of directors of Atta believes that there will be an opportunity to enjoy the project potential yields, when it is launched and successfully implemented. However, the board has not finalise the plan for the proposed development of the Eminent and Scanrite land.”
The proposed acquisitions is estimated to be completed within three months from the date of SSA.
NEW YORK, July 11 — Pfizer has reversed price increases on some drugs following White House pressure and the US drugmaker today pledged to decide soon whether to sell its consumer drugs business. The pharmaceutical giant said it would reverse…
NEW YORK, July 11 — US stocks slid today amid a broad selloff on escalating trade war tensions after the United States threatened to impose tariffs on an additional US$200 billion (RM804.7 billion) worth of Chinese goods. Washington yesterday…
PARIS, July 11 — The Opec cartel today warned that global trade tensions could have a negative impact on the oil market by pushing down demand for crude. In its monthly report, the Organisation of the Petroleum Exporting Countries said buoyant…
KUALA LUMPUR, July 11 — The ringgit ended lower against the US dollar today after Bank Negara Malaysia (BNM) left its interest rates unchanged today, a dealer said. At 6pm, the local note finished at…
KUALA LUMPUR, July 11 — Bursa Malaysia bucked the regional trend with the benchmark index closing marginally higher on last minute buying especially of heavyweights led by Public Bank. At 5pm, the benchmark FTSE Bursa Malaysia KLCI…
KUALA LUMPUR, July 11 — Bank Negara Malaysia (BNM) has maintained the Overnight Policy Rate (OPR) at 3.25 per cent after the two-day Monetary Policy Committee (MPC) meeting which ended today. In a statement today, the central bank said at the…