Soverus Group, Johor prince tie up

17 Mar 2014 / 05:40 H.

    PETALING JAYA: Sultan of Johor's son, Tunku Abdul Rahman, has teamed up with Soverus Group, owned by Singaporean businessman Peter Lim, to set up a premium security business in Iskandar Malaysia, Johor.
    Soverus, a security solutions company, signed a memorandum of understanding last Friday to tap into the growing demand in Iskandar private security services, including both armed and unarmed guards.
    "Soverus will initially focus its attention on Iskandar, which is gearing up to receive an influx of new foreign investors and residents. It plans to eventually expand to other parts of Malaysia through organic growth and acquisitions," the company said in a statement last Friday.
    Lim has emerged as one of the largest investors in the Iskandar region in the last two years.
    Rowsley Ltd, of which the Johor Royal family and Lim are both substantial shareholders, is developing a RM10 billion integrated mixed-use development on a 9.23-ha land in Johor Bahru City Centre.
    In addition, both parties are behind the RM2 billion state-of-the-art medical hub, Thomson Iskandar.
    Lim's other investments include the RM3.2 billion motorsports city FASTrack Iskandar, the largest of its kind in Southeast Asia.
    Lim said he and Abdul Rahman's military background and personal interest in security-related issues, would ensure their partnership's success in Iskandar and eventually, the rest of Malaysia.
    "There is a growing demand for security services in the Iskandar region and we are optimistic about the huge business potential there," said Lim, who held key positions during his 19-year career in the Singapore Police Force.
    Iskandar has attracted many Malaysian and foreign developers to the thriving region whose GDP is projected to grow nearly five times to US$93 billion (RM304 billion) by 2025, from US$20 billion in 2005.
    Soverus' initial business focus of providing guard services, has grown and expanded into providing a full range of security solutions, including security consultancy, systems solutions, security systems, security tagging, cyber-security, big data analytics, IT forensics and private investigations.

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