Thursday 28 Mar 2024
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This article first appeared in The Edge Financial Daily on November 29, 2017

KUALA LUMPUR: ConnectCounty Holdings Bhd has teamed up with LE Global Services Sdn Bhd to undertake the cybersecurity business, to diversify the group’s income.

In a filing with Bursa Malaysia yesterday, the ACE Market-listed company reveals it has inked a shareholders agreement with LE Global, an information technology security consultation and services provider, to set up a joint-venture (JV) company called Rapid Conn Interconnect (M) Sdn Bhd (RCM), to undertake the business.

LE Global will have a 40% stake in RCM, while ConnectCounty will own the remaining 60%.

The proposed JV’s key prospects are deemed favourable by the board of directors due to growing cybersecurity threats globally, said ConnectCounty.

Pursuant to the shareholders’s agreement, ConnectCounty said it may occasionally grant loans of up to RM1 million to RCM as working capital. “Such loans, if so required, will be funded by the group’s internal funds.”

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