TM in JV to provide ICT services in Medini Iskandar

PETALING JAYA: Telekom Malaysia Bhd (TM) is setting up a joint-venture company (JVC) to provide smart building services and smart city services in Medini Iskandar, Johor.
In a stock exchange filing yesterday, TM said its wholly owned unit, Intelsec Sdn Bhd, has entered into a joint venture and shareholders agreement with Township Management Services Sdn Bhd, a unit of Medini Iskandar Malaysia Sdn Bhd (MIM).
Intelsec will pay RM25.5 million for its 51% stake in the JVC and TMS RM24.5 million for its 49% share.
Both parties have agreed to an additional future capital contribution of RM18 million for funding the JV. The JVC will have an authorised share capital of RM50 million and initial issued and paid-up share capital of RM32 million at par.
“The JV company will carry on ICT- related businesses as part of MIM’s objective of developing Medini into a connected and sustainable city. The business will include city and building services comprising integrated infrastructure services, integrated parking management, digital signage, energy and facility management services, safety and security services and other services,” TM said.