KUALA LUMPUR (Sept 25): iDimension Consolidated Bhd has inked an agreement with a potential white knight for the injection of new assets and businesses into the Guidance Note 3 (GN3) company.

In a bourse filing, the ACE market IT total solutions provider said it signed a three-month-long memorandum of understanding with EV-Dynamic Sdn Bhd (EVD), in what it described as an integral step towards regularisation.

“The MoU is to provide iDimension and EVD [with] an avenue to take further discussions on a non-binding basis and commercial permutations for an entry into a definitive agreement between the same,” it said.

In particular, the two parties will discuss the proposed injection of assets, businesses and/or new projects into iDimension, by EVD. Provided negotiations are successful, the two will sign a definitive agreement to codify what has been discussed during the MoU period.

EV provides turnkey solutions for intelligent transportation systems, integrated security systems, rail communications systems, engineering solutions and total hospital information systems in Malaysia and across Asean.

In addition, it has delivered total solutions for infrastructure projects such as highways, expressways, railways, as well as integrated gated community security systems and telecommunications packages.

“The Board, having taken into consideration all aspects of the MOU, is of the opinion that the MOU is in the best interest of iDimension, to initiate further discussions with EVD as part of iDimension’s overall plan to regularise its GN3 status and revive its business operations,” the group said.

iDimension slipped into GN3 on Oct 30, 2018, and is required to submit a regularisation plan to Bursa Malaysia and obtain approval to implement the plan within 12 months of entering GN3 status.

iDimension closed unchanged at 2.5 sen today, giving it a market capitalisation of RM6.80 million. Some 1.36 million shares were transacted.