Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 8): Retail technology solutions provider Radiant Globaltech Bhd today announced that it has entered into a joint venture (JV) with Thailand’s Simat Technologies Public Company Ltd to provide point of sales equipment and retail software solutions to retailers in Thailand.

In a filing with Bursa Malaysia today, Radiant Globaltech said it has entered into a shareholders' agreement with Simat Technologies, and the latter's marketing manager Phenpuk Chintanapat, chief financial officer Thammanoon Korkiatwanich, as well as chief accountant Thanapoom Khetraksa to jointly form a new company in Thailand.

The JV company, named Rgtech Simat Co Ltd, will be a special purpose vehicle (SPV) to undertake the business of selling computer hardware, software, network equipment, development of information technology solutions and to provide maintenance services in Thailand. The SPV will distribute a range of front-end retail hardware and provide back-end retail software solutions to retailers.

Simat, a public company listed on the Stock Exchange of Thailand, is principally engaged in the business of enterprise data capture sector, namely the distribution of hardware, software and maintenance services. Among Simat’s notable customers are F&B chains including Bonchon Chicken, Burger King, Swensens and The Coffee Club.

Radiant Globaltech said it will fund its THB 4.9 million (equivalent to RM700,000) investment in the SPV for a 49% stake with cash from internal funds. Simat, meanwhile, will inject the same amount into the SPV for its 49% share. The remainder 2% in the SPV will be held by Phenpuk, Thammanoon and Thanapoom.

In a separate statement, Radiant Globaltech managing director Paul Yap Ban Foo said the company aims to leverage on Simat’s existing expertise and clientele in Thailand to jumpstart its penetration into the country’s F&B market.

"This is the first time Radiant Group is establishing a direct presence in Thailand’s retail sector and marks a significant stepping stone for us to tap into the huge sector in Thailand, serving a population of approximately 70 million excluding its thriving tourism sector.

"We recognize that there is a massive growth potential in this sector and we hope to seize this opportunity with this JV," he added.

Shares of Radiant Globaltech closed unchanged today at 30 sen with a market capitalisation of RM157.56 million.

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