Mlabs signs MoU with Cisco to distribute video conferencing and virtual AGM solutions

Mlabs signs MoU with Cisco to distribute video conferencing and virtual AGM solutions
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KUALA LUMPUR (May 12): Mlabs Systems Bhd has signed a memorandum of understanding (MoU) with Cisco International Ltd to strengthen its video conferencing business and offer a new product for listed companies to conduct virtual shareholder meetings.

Cisco International is a subsidiary of US-listed Cisco System Inc, the world’s leading supplier of computer networking products, systems and services.

In a statement today, Mlabs said the MoU leverages on the strengths of both groups.

“As an established video conferencing solution provider with strong local and regional distribution and networking channels, the partnership with Cisco allows the company to serve as an authorised partner in Malaysia to distribute Cisco Webex Meeting and Webex Team solutions,” said Mlabs.

“Our company has been working on pricing strategy to enhance consumer satisfaction. Users have a wide range of choices to choose from Standard, High and Customised solutions to suit their budget and requirements for video conferencing technology,” Mlabs executive director Steve Tan said.

Mlabs said it is also leveraging technology to offer the virtual annual general meeting service for listed companies.

“Under the current challenging milieu, the AGM becomes an excellent opportunity for the board and management team to meet its shareholders and communicate effectively on its way forward.

“At the same time, listed issuers are also expected to live up to a high standard of good corporate governance and ethical leadership,” it added.

Mlabs said the MOU does not have any immediate financial impact on the company and its subsidiaries.

Shares in Mlabs closed half a sen or 20% lower at two sen today, giving the company a market capitalisation of RM17.82 million.