KUALA LUMPUR (May 15): ACE-Market listed Straits Energy Resources Bhd (KL:STRAITS) is planning to form a joint venture (JV) company with a Hong Kong-based company to explore business opportunities in cloud technology and computing business in Malaysia and across the region.

In a filing to Bursa Malaysia on Wednesday, Straits Energy said its 70%-owned unit Straits CommNet Solutions Sdn Bhd (SCS) has signed a memorandum of agreement with Digital One Solutions Ltd (D1) to facilitate mutual discussions for the joint venture.

SCS, on its part, is involved in the telecommunication and digital technology sectors for various industries through smart technologies, the Internet of Things (loT), as well as the integration of advanced technology solutions, operations and services.

SCS chief executive officer Sunny Ho Khin Choy said the company aims to finalise a definitive agreement soon while working closely with D1 on the collaboration details.

“By working with leading players such as D1, we are strategically positioned to capitalise on the increased demand for cloud computing resources in Malaysia and the region.

“This will also complement SCS' existing business, which is focused on accelerating digitalisation and network connectivity in Malaysia and throughout Southeast Asia,” Ho said in a statement.

Shares in Straits Energy finished unchanged at 13 sen on Wednesday, valuing the group at RM129.28 million.