KUALA LUMPUR (Oct 23): Datasonic Group Bhd has inked a shareholders agreement with South Korea’s Digent Co Ltd to form a joint venture company (JV Co) to jointly develop and market what is termed the next generation biometric applications.

Under the agreement, both parties will jointly form a company named Datasonic Digent Sdn Bhd (DDSB) in which Datasonic will have 60% equity, while Digent will hold 40%, according to a stock exhange filing from Datasonic.

Datasonic said the collaboration will provide it an opportunity to expand its current range of biometric technology solutions, systems and services.

“The business shall be carried out at the premises located in a MSC Malaysia designated Cybercity or Cybercentre, or at such other premises as DDSB may decide from time to time,” it noted.

According to Digent’s website, both parties had inked a memorandum of understanding for the proposed collaboration as early as 2017.

Digent is principally involved in the data processing system and network business.

Datasonic's share price closed one sen or 1% higher at RM1.01 today, bringing a market capitalisation of RM1.36 billion. The counter saw some 3.46 million shares traded. The stock has jumped over 146% in the past one year.