INFORMATION technology (IT) and glove making outfit Zen Tech International Bhd (formerly Inix Technologies Holdings Bhd) is venturing into the cashless vending machine business.
Towards this end, the ACE Market-listed counter inked a memorandum of collaboration (MOC) with MYRingkas Sdn Bhd yesterday (Feb 29) with both parties collaborating to deploy vending machines equipped with ID (identity) card readers and digital screens nationwide in Malaysia
According to the MOC, MYRingkas is a technology and solutions provider dedicated to assisting businesses and government agencies achieve their strategic goals and benefiting from the power of innovation.
ZenTech said MYRingkas intends to explore the supply and maintenance of cashless vending machines with ID card readers and digital screens throughout Malaysia.
“ZenTech is interested in entering the vending machine business and participating in this project. Therefore, both parties agree to establish an exclusive partnership to achieve their common goals, hence the signing of the MOC,” ZenTech pointed out in a media release.
Under the MOC, MYRingkas is responsible for all approvals, authorisations and license applications for the said project. As a solution provider, it oversees and manages payment gateways and all related matters.
Additionally, MYRingkas is in-charge of ordering, supplying, maintaining, repairing and servicing all vending machines. It further serves as a digital platform advertising and content provider for the project by conducting advertisements and promotions through social media and other online platforms.
On the other hand, ZenTech is responsible for fundraising, logistics and all related matters as in addition to undertaking market expansion and handling data analysis.
Present at yesterday’s (Feb 29) MOC ceremony was Zen Tech chairperson Tunku Kamariah Aminah Maimunah Iskandariah Sultan Iskandar, the company’s executive director Zhang Li as well as MyRingkas CEO Datuk Zaki Razak and its director Susan Wong Yun Tsu.
For the record, Zen Tech is the third company helmed by the business-savvy Tunku Kamariah after AHB Holdings Bhd and SMTrack Bhd.
For its 1H FY6/2024, Zen Tech has narrowed its net losses to RM1.92 mil from RM3.51 mil in the previous corresponding period on the back of NTA (net tangible asset) of 9 sen/share while its revenue has improved to RM20.73 mil from RM17.72 mil in 1H FY6/2023.
At 9.51am, Zen Tech was unchanged at 2 sen with 6.33 million shares traded, thus valuing the company at RM53 mil. – March 1, 2024
