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BUSINESS

Microlink inks agreement with Omesti to transfer rights in TM project

19/01/2022 10:26 PM

KUALA LUMPUR, Jan 19 -- Microlink Solutions Bhd (Microlink) has signed agreements with Omesti Bhd and its unit Man Yau Holdings Bhd (MYHB) to transfer Omesti’s rights and interests under Telekom Malaysia Bhd business support system project (TMBSSP) to Microlink.

However, the value of the project would be determined after a valuation exercise.

Microlink has also proposed to acquire the entire equity interest held by Omesti in Formis Research and Development Sdn Bhd, which is carrying out certain electronic services development and maintenance projects.

“Microlink has also planned to acquire the entire equity interest held in Omesti Assist Sdn Bhd from MYHB, which is also carrying out the electronic services projects, for a consideration to be determined at a later date following a valuation exercise," the company said in a filing to Bursa Malaysia.

Microlink said the proposals, deemed as related party transactions, are fundamentally an internal reorganisation to be undertaken by Omesti to enable the latter and its group of companies to streamline its corporate structure by way of transferring certain identified information and technology (IT) projects to Microlink.

“The proposals also represent an opportune time for Microlink Group to elevate its role from project manager to taking ownership of the TMBSSP contracts, as well as to expand the portfolio of its IT projects to include, among others, the electronic services projects and other related and ancillary projects which are currently carried out by the other subsidiaries of Omesti,” it added. 

-- BERNAMA

 

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