KUALA LUMPUR (Jan 15): Efficient E-Solutions Bhd intends to rope in two other companies to jointly promote and market its managed security business in the Indochinese market.

Its wholly-owned subsidiary, Efficient Technology Solutions Sdn Bhd (ETS), now renamed Vigilant Asia Group Sdn Bhd, has issued two letters of intent (LoIs), one each to to Portcullis Technologies Pte Ltd and Mr Secure Pte Ltd.

Both LoIs are independent of each other, it said, and served only as a basis for further discussions on the collaborations between ETS and the parties to promote the business in Indochina, as well as any other markets jointly identified by the parties.

"The LoIs serve as a basis for further discussions and shall not be construed as an intention to create any legally binding obligation on the parties," Efficient E-Solutions said in a filing with the bourse today.

A six-month period from the date of the letters is given for terms and conditions to be mutually agreed upon, and for all transaction documents to be fully executed.

Shares in Efficient E-Solutions Bhd closed down 1 sen or 3.08% at 32 sen today, giving the group a market capitalisation of RM223.38 million.