KUALA LUMPUR (Dec 21): TFP Solutions Bhd is venturing into the Bangladesh software development market by forming a joint venture (JV) with a local IT solution company.

In a filing with Bursa Malaysia, TFP said its wholly-owned subsidiary ProDserv Sdn Bhd will own 55% of the JV company with the remaining 45% held by Maestrosoft Ltd.

Maestrosoft is principally involved in the software development business, and is 65% owned by Dr Kamrul Ahsan Md Zafarullah Patwary and 35% by Dil Afroze.

TFP said it intends to expand its market reach to Bangladesh, to capitalise on the country's growing demand for technology solutions.

"TFP will leverage on its technology capabilities, developed in the Malaysian market, to capture opportunities in Bangladesh in business management solutions including campus management system, human resource management and ERP, as well as in converged infrastructure solutions. This is expected grow the group's revenue," it said.

TFP said the agreement is expected to be completed by the first quarter of next year.

TFP's share price gained 1.5 sen or 10.71% today to close at 15.5 sen today, giving it a market capitalisation of RM31.59 million.