PETALING JAYA: ARB Bhd today terminated two memoranda of understanding (MOU) for potential collaboration in deploying IT solutions.
The first MOU, entered on July 10, 2019, was between ARB’s indirect wholly-owned subsidiary Arbiot Sdn Bhd and Chean Chhoeng Thai Group Co Ltd (CCTG) to explore the potential of collaboration in deploying Internet of Things solution and information technology (IT) related hardware and software for CCTG.
“The parties have been unable to agree and finalise the terms of the potential collaboration. The termination would enable the company to focus on its existing operations as well as to pursue other opportunities. Notwithstanding the termination, the group continues to explore other business opportunities in the Southeast Asia region,“ ARB said in a stock exchange filing.
The second MOU, also entered on July 10, 2019, was between ARB’s wholly owned subsidiary ARB Development Sdn Bhd and HK Yue Tai Life Insurance Plc (HKYT) to explore the potential collaboration in deploying enterprise resource planning system and IT related hardware and software for HKYT Life Insurance.
“The termination would enable the company to focus on its existing operations as well as to pursue other opportunities since the parties do not foresee the finalisation of the terms of collaboration within the validity period of the MOU. Notwithstanding the termination, the group would still look forward collaborate with HKYT in the future.”
