Malaysia-listed company Straits Energy Resources Berhad on Tuesday (16 November) said it has signed a Memorandum of Understanding (MOU) with Baicells Technologies.
The MOU aims to collaborate and participate in the vast business opportunities of the 4G and 5G rollout and digital transformation of the oil and gas industry through the Internet of Things (IoT) in Malaysia and regionally.
“For avoidance of doubt, the MOU will be subject to the signing of the definitive agreement(s) to be entered into between the Company and Baicells in relation to the Proposal (Definitive Agreement) on a later date,” it states.
Baicells was incorporated in China on 27 March 2014. The company is in the business of providing technical innovative 4G Long-Term Evolution (LTE) and 5G New Radio (NR) Access Solutions.
On Monday (15 November), Baicells had an issued share capital of Chinese Yuan Renminbi (CNY) 137,161,287.00 comprising 137,161,287 ordinary shares of CNY 1.00 each.
The MOU is entered into as an expression of mutual understanding and intention to discuss, negotiate the proposal and possible collaboration between the parties on a non-exclusive basis.
Manifold Times earlier reported Straits Energy Resources Berhad announcing a mutual termination over an earlier Heads of Agreement (HOA) between the company and Seashore Technologies Pte. Ltd.
Singapore-based Seashore Networks is principally a software company building last mile networks with 4G, 5G and wireless networks.
In late September, both parties entered into a HOA aimed at collaborating and participating in the growing wireless network communication business opportunities as part of the 4G and 5G rollout and the digital transformation of the oil and gas industry (O&G) through the Internet of Things (IoT) in Malaysia and regionally.
Related: Straits Energy Resources ends 4G/5G rollout HOA with Seashore Technologies
Related: Straits Energy Resources, Seashore Technologies in HOA for offshore 4G/5G roll out
Photo credit: Scott Graham from Unsplash
Published: 17 November, 2021
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