KUALA LUMPUR (Oct 22): IFCA MSC Bhd has today entered into a non-legally binding memorandum of understanding (MoU) with Huawei Services (Hong Kong) Co Ltd to jointly explore DevOps, cloud artificial intelligence (AI), big data and innovative technology knowledge-sharing projects.
In a Bursa Malaysia filing today, IFCA said the MoU aims to record its and Huawei’s initial intent and that it is their intention to enter into definitive agreements on the planned cooperation.
This MoU is governed by and construed in accordance with the laws of Malaysia in all respects, including matters of construction, enforcement and performance thereof and the Malaysian courts shall have exclusive jurisdiction, IFCA said.
IFCA said that upon expiry of the MoU’s initial period, the MoU will be automatically extended for a one-year period. IFCA said the company and Huawei may terminate the MoU by giving appropriate written notice to the other party.
Trading in IFCA shares was suspended from 9am till 12:30pm today in conjunction with the announcement, said the group in separate Bursa filings.
IFCA’s share trade will resume from 2:30pm today, the company said. Yesterday, IFCA’s share price closed at 38.5 sen.