KUALA LUMPUR (May 29): ARB Bhd, formerly known as Aturmaju Resources Bhd, has bagged a contract worth RM18 million to provide the Internet of Things (IoT) system and engineering, procurement, commissioning and management services (IoT SEPTCM) for a proposed residential development in Perak.

In a stock exchange filing, ARB said its indirect wholly-owned unit Arbiot Sdn Bhd and IJV Ventures Sdn Bhd have inked a business contract to carry out the project.

The development is located in Mukim Belanja in the Kinta District, and comprises 130 units of single storey terrace houses, to be developed into an IoT technology lifestyle residential development project.

Under the deal, IJV Ventures shall be responsible to obtain the requisite approvals from the appropriate authorities prior to the commencement of works in relation to the development.

The development, which will sit on a land measuring 16.43 square meters, has an estimated gross development value of RM31.1 million.

"The business contract will serve as a platform for Arbiot to provide IoT SEPCM services to IJV, [and] to manage the entire development project, which promote the concept of smart home system residential houses.

"The business contract is expected to contribute positively to the company's future earnings, earnings per share and enhance the consolidated net assets of the company," ARB said.

ARB shares closed two sen or 4.94% higher at 42.5 sen today, giving the company a market capitalisation of RM50.64 million. Year to date, the stock has jumped 48.3% from when it was trading around 29 sen.