KUALA LUMPUR (Dec 9): Datasonic Group Bhd has entered into a Memorandum of Agreement with the West African nation of Guinea relating to the printing of secure documents, digitisation, and improvement of land management solutions and services.
Under the deal, Datasonic will be the prime contractor while Guinea's Ministry of Urban Planning, Housing and Territorial Development (MUHAT) will be the project owner.
"The company will carry out feasibility study on the project to be carried out and the economic model," said Datasonic in a filing with Bursa Malaysia. "The profit sharing rate will be in the proportion of 60% for MUHAT and 40% for the company."
Apart from the implementation of a new computerised citizen data in land matters and the incorporation of biometric authentication of land data, the 10-year project also involves the manufacture, supply and customisation of high security documents for land titles.
In addition, it also involves the implementation of new secure procedures with an emphasis on transparency and efficiency in the processing of land title applications and authorisations, besides the development and provision of relevant technical materials.
Datasonic said the detailed scope of work by Datasonic as well as the detailed terms of cooperation with MUHAT under the project would be defined in a final agreement between the parties.
“The entry into the MOA creates an opportunity for the group to further expand the business and promote its products and services in the Republic of Guinea,” said Datasonic.
Datasonic’s share price closed one sen or 2.02% higher at 50.5 sen on Friday (Dec 9), bringing the company a market capitalisation of RM1.5 billion.