KUALA LUMPUR (Nov 28): ConnectCounty Holdings Bhd has teamed up with LE Global Services Sdn Bhd to undertake cyber security business, providing information technology (IT) security consultation and services, technical assistance on operating computers, as well as IT training programmes.

The proposed joint venture (JV) is to diversify the source of income of the group by venturing into the cyber security business, said Connectcounty.

In a filing with Bursa Malaysia today, the ACE Market-listed company revealed that it has entered into a shareholders agreement with LE Global, an IT security consultation and services provider, to set up a joint venture company called Rapid Conn Interconnect (M) Sdn Bhd (RCM), which will undertake the business.

LE Global will have a 40% stake in RCM, while ConnectCounty will own the balance 60% of shares.

"The key prospects of the proposed JV are deemed favourable by the board in light of the growing cyber security threats occurring on a global basis," said ConnectCounty.

"In addition, the complexities in tackling such threats have necessitated high level expertise in information technology and security. Therefore, corporate companies tend to outsource the handling of the cyber security threats to specialist companies which RCM may be able to capitalise on," it noted.

Pursuant to the shareholders agreement, ConnectCounty said it may from time to time grant loans of up to RM1 million to RCM as working capital. "Such loans, if so required, will be funded by the group's internal funds."

ConnectCounty shares closed down 0.5 sen or 2.5% at 19.5 sen today, with 50,000 shares done, bringing a market capitalisation of RM62.86 million.


World Islamic Economic Forum to chart future of halal industry, Islamic finance

KUCHING: The upcoming 13th edition of the World Islamic Economic Forum (13th WIEF) will serve as a comprehensive platform for participating nations to deliberate on the future of the global halal and Islamic finance industries.

WIEF Foundation secretary-general Tan Sri Ahmad Fuzi Abdul Razak said the impact of the Fourth Industrial Revolution, apart from the need to formulate a standard framework to develop the halal industry, the Syariah-compliant banking sector would also take centre stage during the three-day forum.

The establishment of the common framework, he said, is “extremely important” not only to make the halal industry more viable, but also to accelerate the expansion of Islamic banking in Muslims and non-Muslim countries.

“This is something being discussed now. It is a work in progress since the standard adopted by countries may differ from one another in terms of Syariah-compliance.

“In Malaysia, the Islamic Development Department (Jakim) has been assigned to establish the standard in mapping the halal industry, not only in food production, but also other related areas.

“The standard laid out by Jakim has received worldwide recognition from Muslim and non-Muslim nations alike, including China.

“We hope through this forum as a platform, the standard used by Malaysia will eventually be recognised as the world international standard,” said Fuzi in a special interview with Media Prima Bhd, which is the official media partner for 13th WIEF.

Fuzi said Malaysia was capable of playing a leading role in the development of Islamic banking and finance — a sector that has been continuously championed by the forum since its inception 13 years ago.

Malaysia, he said, has introduced a policy, which had helped spur the growth and expansion of Islamic banking sector in the country.

“In Malaysia, a financial institution can offer conventional and Islamic banking under one roof.

“For instance, Malayan Banking Bhd has about 400 branches nationwide and each branch is able to provide both types of banking services.

“This is not the case for some countries, especially members nations of the Organisation of Islamic Cooperation (OIC), where it imposed a requirement of having a separate entity to differentiate conventional and Islamic banking,” he said.

Prime Minister Datuk Seri Najib Razak will open and deliver his keynote address at this year’s forum which begins on Nov 21. Other world leaders expected at the forum include Indonesian president Joko Widodo, Moroccan Prime Minister Saad Eddine El Othmani, President of the Union of the Comoros Azali Assoumani and Vice-President of Ghana, Dr Mahamudu Bawumia.