NOVA MSC Bhd through its s wholly owned subsidiary novaCITYNETS International Pte Ltd has secured a new order for its FORNAX ePlanCheck software from the Lagos state government in Nigeria.
Towards this end, an agreement has been inked between novaCITYNET and ENL-Nova Ltd for the provision of the software which is suited for the building and construction industry for ENL-Nova’s electronic physical planning process system (EPPPS) project.
A filing with Bursa Malaysia yesterday (Jan 10) shows that the agreement has a 10-year duration from 2022 to 2031. It is based on a pay-per-use revenue model, hence proceeds would depend on ENLN’s revenue collection from the EPPPS project as well as end-user adoption of the EPPPS.
“While the value of this agreement is currently indeterminate, our initial study showed the total sum over the 10 years to be in the region of US$3.4 mil (circa RM14.4 mil),” Nova MSC’s group CEO Lai Teik Kin pointed out.
FORNAX provides an avenue for qualified persons (QPs) and building information modeling (BIM) managers to perform automated checks on BIM models by auditing data completeness and modelling quality according to best practices.
This will enable industry experts to compare models between iterations and detecting critical clashes of vital elements as part of the process required in a typical BIM executive plan (BEP) thereby improving data quality in the existing methodologies as well as in emerging technologies such as Digital Twins and the 5D BIM Model.
According to Lai, Nova MSC’s state-of-the-art FORNAX ePlanCheck has been in development since 2002 and has undergone many cycles of improvements with the incorporation of artificial intelligence (AI) to automate the checking process.
“Our software will help to change the industry as the laborious nature of building plan checks could be simplified with what normally takes weeks or even months for completion would only require mere hours, hence tremendously boosting the industry’s productivity,” he added.
Established in 2002, ACE Market-listed Nova MSC is involved in four main business pillars namely, healthcare, digital government, building automation and virtual construction
At the close of yesterday’s (Jan 10) trading, Nova MSC was down 0.5 sen or 4.17% to 11.5 sen with 1.56 million shares traded, thus valuing the company at RM134 mil. – Jan 11, 2022
