KUALA LUMPUR: ARB Bhd's indirect wholly-owned subsidiary, ARB Cell Sdn Bhd, is acquiring a 49 per cent stake in ARB Cloud Cosec Sdn Bhd from BFI Asia Holdings Sdn Bhd for an undisclosed amount.
In a statement today, the information technology (IT) software and platform provider said ARB Cloud Cosec, a provider of cloud company secretary platforms and services that fully automate the company secretary services, intends to also enter into a business arrangement with Eurogain Secretarial Services Sdn Bhd (ESS).
ESS, the first certified secretarial and professional service hub franchise operator, will promote and market the system to its franchisees.
ARB Cloud Cosec aims to achieve a revenue of RM100 million and to secure more than 100,000 users to use the system over the next 24 months.
ARB executive director Datuk Seri Larry Liew Kok Leong said the shareholders' agreement would strategically position the company to enhance its system with new features and designs.
"To further expand our business footprint, we target to promote and market this system in Malaysia and ASEAN countries together with our partner, BFI Asia.
"The potential growth prospect for ARB Cloud Cosec is huge, the pandemic has led to a shift towards remote working and the acceleration of digital transformation in the business landscape," he said.
Liew added that the target clients for the system are company secretary firms, public listed companies, and small and medium-sized enterprises.
"With BFI Asia onboard with us, we could leverage on the business network, know-how, and other expertise of BFI Asia's shareholders to push forward the expansion as well as to achieve a target revenue of RM100 million," he added.