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IFCA inks MoU with Huawei HK to explore AI, Big Data

TheEdge Wed, Oct 23, 2019 10:53am - 8 months ago

KUALA LUMPUR: IFCA MSC Bhd, which has inked a preliminary agreement with Huawei Services (Hong Kong) Co Ltd to explore the joint development of solutions like cloud artificial intelligence (AI) and Big Data, jumped as much as 11.5 sen or about 29.9% yesterday after making the announcement.

The stock, which resumed trading after the afternoon break yesterday following a suspension of trading from 9am to 12.30pm on the request of the company, then pared some gains to settle at 43.5 sen, still up five sen or 12.99%, after 89.77 million shares were exchanged.

The stock was the fourth most actively traded counter on Bursa Malaysia yesterday.

Earlier in the day, IFCA announced that it had inked a memorandum of understanding (MoU) with Huawei Services (Hong Kong) to cooperate in a strategic partnership programme to explore project initiatives in the areas of DevOps, cloud AI, Big Data and knowledge sharing on innovative technology.

IFCA said the MoU aims to record the parties’ initial intent, and their intention to ink definitive agreements on the planned cooperation.

"This MoU is governed by and construed in accordance with the laws of Malaysia in all respects, including matters of construction, enforcement and performance thereof and the Malaysian courts shall have exclusive jurisdiction," IFCA said in a stock exchange filing.

IFCA said that upon expiry of the MoU's initial period — which it did not specify — the MoU will be automatically extended for a one-year period. IFCA said the company and Huawei may terminate the MoU by giving appropriate written notice to the other party.

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