KUALA LUMPUR (Nov 9): PUC Bhd is teaming up with Sharp Corp’s Malaysian unit to develop an internet-based lifestyle eco-system.

In a bourse filing, PUC announced that it had signed a memorandum of understanding (MoU) with Sharp Electronics (Malaysia) Sdn Bhd (SEM).

Under the MoU, the two firms will be looking at collaborating and developing an internet-based integrated lifestyle ecosystem for consumers and businesses.

This would be in the form of a strategic business partnership or a joint venture company for the ecosystem. The MoU would also explore SEM possibly acquiring PUC’s wholly-owned subsidiary Presto Pay Sdn Bhd.

“The collaboration between PUC and SEM has given an opportunity for both parties to leverage on each other’s strengths for the purpose of thriving in the 'stay-at-home economy', a paradigm shift in the consumer spending behaviour towards e-commerce amid the pandemic.

"Through the collaboration, PUC and SEM, a market leader in home electrical appliances, will develop an internet-based integrated lifestyle ecosystem for consumers and businesses using AI and IoT technologies which will benefit both groups in the new economy. It includes, amongst others, connecting SEM customers with reliable payment gateway and providing on-time service status to SEM product owners, which aim to complement Sharp products,” it said.

The MoU will last for 12 months.

At midday break, PUC shares settled 2% or half a sen lower at 24.5 sen, giving the group a market capitalisation of RM151.20 million. The counter saw 1.04 million shares traded.