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i-Stone enters deal to distribute Siemens software and hardware

TheEdge Wed, Aug 12, 2020 07:49pm - 2 months ago

KUALA LUMPUR (Aug 12): i-Stone Group Bhd has entered into a deal to distribute Siemens Industry Software Pte Ltd's software and hardware.

In a bourse filing, i-Stone said its wholly-owned subsidiary i-Stone Systems Sdn Bhd (ISY) has signed an agreement with Siemens to distribute the latter's manufacturing operations management Opcenter software, and VALOR software and hardware.

i-Stone said the deal allows ISY to resell Siemens' products, as well as provide value-added integration services to customers.

"At the same time, ISY can also cross-sell their own automation solutions to the customers. This is a great opportunity to partner with Siemens for offering high-end software solutions to the customers in digitalising their manufacturing processes and optimising manufacturing performance," the group said.

On the deal's financial impacts, i-Stone said the agreement is not expected to have any material effect on its earnings, net assets, gearing, share capital and substantial shareholders' stakes for the financial year ending Dec 31, 2020. But it expects the agreement to contribute to future overall earnings.

Separately, it was announced today that Serba Dinamik Holdings Bhd co-founder and Minetech Resources Bhd executive chairman Datuk Awang Daud Awang Putera has acquired a 26.98% stake in i-Stone.

He purchased the stake comprising 32.96 million shares from One United Equity Sdn Bhd.

Awang Daud explained his decision to invest in i-Stone as a long-term strategy to leverage on Industry 4.0 fields like automation and big data, Bernama reported.

He noted that i-Stone's high product customisation level and technical sophistication provide new avenues for penetrating the food and beverage, oil and gas, as well as automotive industries besides the electrical and electronics sector.

Shares in i-Stone finished 6.45% or two sen lower at 29 sen, valuing the group at RM354.23 million. Some 264.48 million i-Stone shares were traded today.

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