KUALA LUMPUR (Oct 5): OCK Group Bhd has inked a shareholder agreement with the Ministry of Finance (MOF) in Laos to expand its presence there.

In a statement on Wednesday (Oct 5), the telecommunication network solutions provider said that under this agreement, OCK will set up a joint venture company under the name OCK Laos TowerCo Co Ltd, whereby OCK will hold a majority stake of 70%, while the remaining 30% stake will be held by the Laos MOF.

It said OCK Laos TowerCo will subsequently apply for a tower licence in Laos.

OCK said this strategic venture will allow it to tap into the telecommunications industry in Laos and further expand its global footprint.

OCK Group managing director Sam Ooi Chin Khoon said this partnership allows the company to bring its services to other parts of the Southeast Asian region.

“OCK believes in the need to constantly look at expanding its telecommunication services to better suit the rapidly evolving industry and constant demand for better connectivity.

“Thus, given our timely entrance, we believe that we will be able to tap into the new 5G industry in Laos,” he said.

At the time of writing, OCK gained 1.18% or 0.5 sen to 43 sen, with 368,800 shares traded.