KUALA LUMPUR: OCK Group Bhd has signed a shareholder agreement with Laos' Ministry of Finance to expand its presence in the country.

Under the agreement, OCK will set up OCK Laos TowerCo Co Ltd, a joint venture (JV) company holding a majority stake of 70 per cent, while the remaining 30 per cent will be held by the Ministry of Finance of Laos.

OCK Laos TowerCo Co Ltd will subsequently apply for a tower license in Laos.

This strategic venture will allow OCK to tap into the telecommunications industry in Laos and further expand its global footprint.

OCK group managing director Sam Ooi Chin Khoon said the partnership allows the company to bring forth quality services to other parts of Southeast Asia and further boost its brand recognition and reputation at a regional level.

"OCK believes in constantly expanding its telecommunication services to suit the rapidly evolving industry and constant demand for better connectivity.

"Thus, given our timely entrance, we believe that we will be able to tap into the new 5G industry in Laos," he said in a statement today.

The signing ceremony was held at the Crowne Plaza Hotel in Vientiane City, where OCK was represented by Ooi and group chief executive officer David Low Hock Keong, while Telecommunication Regulation Authority director general Soudchay Lorlonesy signed on behalf of Laos' Ministry of Technology and Communication.

Dr Sonephet Inthavong from the Department of State-Owned Enterprises Reform and Insurance signed on behalf of the Ministry of Finance.

The signing was witnessed by the Minister of Technology and Communication Profesor Dr Borviengkham Vongdala, Deputy Minister of Finance Bounpone Vannachith and other OCK officials.