Friday 29 Mar 2024
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KUALA LUMPUR (Aug 28): Datasonic Group Bhd has teamed up with three Filipinos to bid for the Philippines National Identity System and Philippines Security Surveillance and Monitoring Solutions projects.

The group said it will hold 39.99% of the joint-venture company’s 25,000 shares, with Virginia Pinto Hilario having a 30% stake and Rey Pedro Depra Viernesto and Arnold Lazarito Vegafria, 15% each.

Two nominees of Datasonic’s directors, Chia Kok Khuang and Chandrash Jitendrakumar Babulal, will have one share each in the JV company.

“In line with its mission to transform Datasonic into one of the top security-related ICT companies in the world, the JV will be Datasonic’s strategic move to expand its business internationally,” said the company.

The financial commitment for the JV will be determined upon the successful bidding of the Projects, said Datasonic.

It added that the JV is not expected to have any material effect on the group’s earnings per share, net assets per share and gearing for the financial year ending March 31, 2020.

Shares of Datasonic closed 2.5 sen or 2.89% higher at 89 sen today, bringing its market capitalisation to RM1.2 billion. Year-to-date, the counter has risen by 123.6%.

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