MAIN MARKET-listed information technology (IT) software and platform provider ARB Bhd sees tremendous potential in the roll-out of its latest cloud company secretarial (CoSec) platform which targets company secretary firms, public listed companies (PLCs), and small and medium enterprises (SMEs).
Toward this end, the group had on Oct 28 inked a shareholders’ agreement with BFI Asia Holdings Sdn Bhd via its indirect wholly-owned subsidiary ARB Cell Sdn Bhd pertaining to BFI Asia’s subscription of 49% equity interest in ARB Cloud Cosec Sdn Bhd.
A provider of cloud company secretary platforms and services that fully automate the company secretary services, ARB Cloud Cosec intends to also enter into a business arrangement with Eurogain Secretarial Services Sdn Bhd, a company which has the same shareholders with BFI Asia.
Deemed the first certified secretarial and professional service hub franchise operator, Eurogain Secretarial Services which shall promote and market the cosec system to its franchisees, has been previously honoured by the Malaysia Book of Records.
ARB Cloud Cosec aims to achieve an annual revenue of RM100 mil in addition to securing more than 100,000 users to use its system over the next 24 months.
“The shareholders agreement will strategically position us better to enhance our 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,” commented ARB’s executive director Datuk Seri Larry Liew Kok Leong.
“The potential growth prospect for ARB Cloud Cosec is huge given that the COVID-19 pandemic has led to a shift towards remote working and the acceleration of digital transformation in the business landscape.”
With BFI Asia on-board, Liew said ARB could leverage on the former’s business network, know-how and its other expertise to push forward with expansion plan as well as to achieve a target annual revenue of RM100 mil.
According to BFI Asia’s shareholder Datuk Kiew Weng Kwong, there is a huge gap or opportunity to digitalise the company secretarial services as most corporate service providers are currently pursuing traditional methods which are time consuming and require a lot of manual works.
“I am impressed that among the key features offered include but not limited to automating the company secretarial process, enabling access to information in real time, and the instant digital certified true copy (CTC) of documents,” he observed.
Added Eurogain’s consulting partner Guaz Wei Jun: “With these features, I am confident that our clients will benefit from the ease of usage and centralised information on cloud platforms that enables access to information in real time, automatic digital back-up copies and security as well as data automation with high accuracy, among others.”
At 10.08am, ARB was unchanged at 11.5 sen with 66,100 shares traded, thus valuing the company at RM140 mil. – Nov 2, 2022