SMTRACK Bhd, a provider of radio frequency identity (RFID) tag and other tagging solutions, has cemented a partnership with facility management service provider Straits Millennium Sdn Bhd to revolutionise Malaysia’s rural community centres through digital economy initiatives under the “Smart Village Programme”.
In an unprecedented move to enhance rural Malaysia’s digital infrastructure and services, both companies will form a special purpose vehicle (SPV) tasked with tendering for the “Empowering Malaysia’s Rural Community Centers Through Rural Digital Economy Under the Smart Village Programme” project.
SMTrack will hold a 60% stake in the project with the balance held by Straits Millennium.
Based in Malaysia, Straits Millennium operates in the “Other Support Services sector” that comprises construction, facility management, IT infrastructure, energy, oil & gas (O&G) & marine and general trading.
“Through our collective expertise and the creation of the SPV, we aim to deliver comprehensive digital solutions that will foster significant economic and social advancements in rural areas,” commented SMTrack’s chairman Tunku Kamariah Aminah Maimunah Iskandariah Sultan Iskandar.
This collaboration is in line with the government’s initiative of the Rural Development Policy 2030 (DPLB) which was launched in June 2019. DPLB aims to prepare rural communities to face local and global challenges in addition to accelerating transformation in rural Malaysia by 2030.
In essence, the Smart Village Projects aims to provide rural communities high-speed internet access and digital technologies, enhancing education, healthcare and economic opportunities through digital marketplaces and smart farming.
“The joint venture between SMTrack and Straits Millennium is a strategic move to leverage our combined technology and facility management strengths,” enthused SMTrack’s deputy executive chairman Datuk Azmi Osman.
“Our goal is to ensure that the rural communities of Malaysia can enjoy the benefits of the digital economy, thus bridging the urban-rural divide.”
As agreed by both parties, the formation of the SPV underscores their dedication to the successful execution and management of the project.
“This venture is a significant step forward for SMTrack and a testament to the immense potential of digitising rural Malaysia,” envisages SMTrack’s non-independent non-executive director Datuk Zaidi Hashim.
“By empowering these communities with digital tools and infrastructure, we are not only enhancing their quality of life but also unlocking new economic prospects for the nation.”
At the close of today’s trading, SMTrack was unchanged at 5 sen with 1.41 million shares traded, thus valuing the company at RM61 mil. – March 8, 2024
