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BUSINESS

SMTrack-led 5G consortium is in final stage to secure maiden project from DNB

22/01/2022 02:28 PM

KUALA LUMPUR, Jan 21 -- The recently established consortium to finance 5G projects and 5G Infra Tech Solution Sdn Bhd have yet to secure any related projects from Digital National Bhd (DNB) and Malaysian Communications and Multimedia Commission (MCMC) following their corporate exercises announcement this week.

The consortium, comprising SMTrack Bhd along with five listed companies; Country Heights Holdings Bhd, Jiankun International Bhd, Sersol Bhd, Techna-X Bhd and MQ Technology Bhd have signed a heads of agreement (HoA) to raise funds and finance 5G and fibre optics-related projects.

On Monday, the consortium, comprising SMTrack Bhd along with five listed companies, namely Country Heights Holdings Bhd, Jiankun International Bhd, Sersol Bhd, Techna-X Bhd and MQ Technology Bhd had signed a HOA to raise funds and finance 5G and fibre optics-related projects.

In their reply to Bursa Malaysia’s query today, four companies Jiankun International, Techna-X, SMTrack and MQ Technology stressed that there is a memorandum of agreement (MoA) signed between 5G Infra Tech with Ennova Sdn Bhd.

Under the MoA, 5G Infra Tech and Ennova shall perform a joint venture on the network-related project.

Ennova is in the final stage of securing 350 telecommunication towers contract to be leased to DNB and will kick-start the project upon finalisation of the definitive agreement with 5G Infra Tech and/or the consortium.

“The joint venture agreement shall be concluded no later than three months from the date of the MoA,” the companies said.

The MoA is for one year from Jan 14, 2022.

The companies also expects a definitive agreement will be inked in three months following the HoA between the consortium participants and 5G Infra Tech.

However, the details and issue price of the redeemable convertible preference shares (RCPS) in 5G Infra Tech have not been determined at this juncture.

It had also yet to determine the estimated total capital/investment required to be committed by Jiankun in connection with the Investment.

‘’The percentage equity interest of the parties in the consortium has not been determined at this juncture.

The investment should be based on the percentage equity interest in the consortium. However this has not been determined at this juncture,’’ they noted.

The companies also clarified that 5G Infra Tech is involved in the activities of providing consultants other than architecture, engineering, and management consultants, engineering services as well as export and import of a variety of goods without any particular specialisation.

5G Infra Tech is in the midst of adding their business activities to include the contractor for telecommunication infrastructure, they added.

-- BERNAMA

 


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