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KUALA LUMPUR – Key Alliance Group Bhd (KAG) announced that its subsidiary, Agrocloud Sdn Bhd, has entered into a memorandum of understanding (MoU) with Koperasi Peserta-Peserta Rancangan Felcra Seberang Perak Bhd (Koperasi Felcra) to collaborate on the development and implementation of the Rice Information System at the estate of Felcra Bhd Seberang Perak in Kg Gajah, Perak.
In a filing with Bursa Malaysia, KAG said the proposed collaboration aims to increase the yield of rice cultivation through Internet of Things technology and the Decision Support System via the Rice Information System.
It also aims to ensure that the farming methods used are modern and fully mechanised farming methods, and to implement the appropriate farming methods to be determined later.
“Pursuant to the MoU, Koperasi Felcra will act as the coordinator of the proposed collaboration and facilitate the necessary (requirements) for the implementation of the Rice Information System.
“Agrocloud, meanwhile, will provide Koperasi Felcra with the relevant information technology, equipment, platform, as well as training for the proposed collaboration,” it said.
The MoU takes effect today and will remain in force for a period of 12 months.
It will not have any effects on the share capital and shareholding structure of KAG, but is however expected to have a positive contribution to the group’s future earnings per share, net assets per share, and gearing.
Koperasi Felcra is a cooperative organisation incorporated in Malaysia and registered with the Malaysia Co-operative Societies Commission with the purpose of improving the socio-economic status of the participating communities via the establishment of commercial and business entities orientated toward the welfare and empowerment of participating members. – Bernama, June 2, 2022