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 aimed to increase the yield of rice cultivation through the Internet of Things (IoT) technology and Decision Support System via the Rice Information System.
It said also aims to ensure that the farming methods used are modern and fully mechanised farming methods, as well as 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 took effect on June 1, 2022, and will remain in force for a period of 12 months.
The MoU will not have any effects on the share capital and shareholding structure of KAG, however, it is 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