G3 Global's Atilze Digital partners US firms for IoT venture
PETALING JAYA: G3 Global Bhd's unit Atilze Digital Sdn Bhd has entered into a joint venture agreement with Gosuncn Welink (USA) Technology Co Ltd (Welink) and Prospect Industry LLC to undertake the business of Internet of Thing (IoT).
Based in US, Welink is principally involved in providing the software platform, which is needed for operating the connected car and mobile application solutions, while Prospect which was incorporated in Nevis is engaged in investment holdings.
G3 Global told the stock exchange today that the JV is in line with its plans to collaborate with a leading provider of software platform that includes the connected car and related businesses and aims to reach out to potential customers for the Southeast Asia Market.
The joint venture company (JVC) will have an authorised capital of RM100,000. Atilze, Welink and Prospect will subscribe 55,000, 30,000 and 15,000 ordinary shares of the JVC, or 55%, 30% and 15%, respectively.
G3 Global said Atilze will fund its investment in the JVC via internally generated funds.
The group said it believes that the project has good prospects to broaden its revenue base, contribute to its future earnings and expand its income streams from this area of IoT.
"The board is optimistic that the project will contribute towards profitability of G3," it added.