Friday 24 May 2024
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KUALA LUMPUR (Jan 23): Digital solutions and application development player Agmo Holdings Bhd has teamed up with two individuals to provide end-to-end machine learning and artificial intelligence-powered (AI) solutions.

Agmo said its wholly-owned unit Agmo Capital Sdn Bhd and the individuals, Wong Zhi Heng and Ong Yong Seng, will undertake the collaboration through a joint-venture (JV) company, Dah Reply Sdn Bhd.

Agmo Capital will hold a 35% equity interest in Dah Reply, with Wong and Ong controlling stakes of 40% and 25% respectively, said Agmo in a statement on Tuesday.

It said Wong, 25, has the expertise and knowledge to build and commercialise AI-powered solutions, while Ong, 30, possesses expertise in bootstrapping startups.

Wong will assume the role of chief executive officer of Dah Reply, while Agmo Capital is responsible for providing accounting, payroll services and development works for the JV company. Ong, meanwhile, is responsible for securing sales.

Agmo said the collaboration is expected to contribute positively to its future consolidated earnings and net assets.

Agmo’s share price closed up half a sen or 0.98% at 51.5 sen on Tuesday, giving the company a market capitalisation of RM167 million.

Edited ByS Kanagaraju
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