Mikoh Newsnot sure if this will include sirit but if similar to Thai deal then fingers crossed!
MIKOH Signs with Local Partner in Malaysia
The Board of MIKOH Corporation Limited (ASX: MIK) advises that MIKOH has signed a Heads
of Agreement with ARA TechBis Sdn Bhd (ARA) of Malaysia to form a Joint Venture for the
purpose of establishing an EVR/AVI1 system in Malaysia similar to that established in
Thailand with Kollakorn Co Ltd (Kollakorn).
Principle Terms
• A new Joint Venture Company will be incorporated in Malaysia for the purpose of
gaining a concession from the relevant parties in Malaysia to operate an EVR/AVI.
• The Joint Venture Company will be owned:
?? 80% by ARA;
?? 10% by Somapa Information Technology Co. Ltd. (Somapa) and
?? 10% by MIKOH.
The Somapa and MIKOH shares in the Joint Venture Company will be free carried for
the first RM2 10 million (A$3.1 million).
• The Smart&SecureTM tags and the hardware will be supplied by MIKOH.
• The basic application systems that operate the AVI/EVR System will be supplied by
Somapa and ARA will modify them for use in Malaysia.
• ARA will manage the Joint Venture Company and arrange funding.
The Joint Venture Company
The primary objective of the Joint Venture Company will be to obtain the Concession to
operate the AVI/EVR system in Malaysia. ARA has already engaged in talks with relevant
parties and it is expected that demonstrations of the AVI/EVR system will be made shortly.
The Joint Venture Company will also install, operate and maintain the AVI/EVR system as
well as expanding the use of the EVR/AVI System into other vehicular applications such as
vehicular access control for gated communities, parking lot management, electronic toll
collection and E-commerce.
MIKOH’s Smart&SecureTM Tags will be used to enhance asset and personnel security in
different environments and situations throughout Malaysia over a period of time.