News

Memorandum Of Understanding

Type	Announcement
Subject	MEMORANDUM OF UNDERSTANDING
Description	PRESTARIANG BERHAD ("Prestariang" or "the Company") - Memorandum of Understanding entered into between Prestariang Behad with CIDB Holdings Sdn. Bhd. and Autodesk Asia Pte. Ltd.

1.   INTRODUCTION

      The Board of Directors of Prestariang Berhad (“Prestariang” or “the Company”) is pleased to announce that Prestariang had on 16 November 2014 entered into a Memorandum of Understanding (“MOU”) with CIDB Holdings Sdn. Bhd. (“CIDB”) and Autodesk Asia Pte. Ltd. (“Autodesk”) (hereinafter referred to singularly as “the Party” and collectively as “the Parties”).

 

2.     DETAILS OF THE MOU

 

2.1.  OBJECTIVE
The Parties, subject to the terms of this MOU, agree to co-operate in the areas relating to promotion, training and technology showcase of Building Information Modelling (BIM) on the basis of mutual benefit.

 

3.    SALIENT TERMS OF THE MOU

 

3.1. AREAS OF COLLABORATION

Subject always to the laws, regulations and national policies from time to time in force, governing the subject matter, it is agreed that Prestariang with Autodesk’s assistance will cover the areas stated below:-

(a)            Working together as Autodesk training and license fulfilment partners for CIDB and their members;

(b)            Developing programs and initiatives that enhance and facilitate technology adoption by the building and construction industry in Malaysia.

(c)            Jointly organizing focus industry meetings, through the relevant associations, to help enable BIM readiness and adoption;

(d)            Jointly organizing events that provide knowledge on BIM deployment, to accelerate BIM adoption in Malaysia.

(e)            Developing and promoting Best Practice case studies and showcase to the construction industry in Malaysia;

(f)             Developing curricular for Business Transformation, focusing on organizations’ BIM readiness - adoption, organization structure, processes and others; and

(g)            Sharing best practices in interdisciplinary courses related to BIM. 

 

3.2. IMPLEMENTATION

The Parties agree that the areas of collaboration may be carried out in either organization or in any other place as may be mutually agreed upon in writing by the Parties. The specific method for the carrying out of the activities and its implementation programs shall be developed and finalized on the basis of mutual written consent between the Parties.

 

3.3. FINANCIAL ARRANGEMENTS

For the purposes of implementing the activities stated under the MOU, the Parties undertake as follows:-

a)  the financial arrangements to cover expenses for the cooperative activities undertaken within the framework of this MOU shall be mutually agreed upon by the Parties on a case-by-case basis subject to the availability of funds; and

b)  the Party which is sending its representatives, including experts and technical personnel, to participate in any training and survey visits shall bear their own travel (inclusive of the internal travel costs), board and lodging. 

 

3.4. PARTICIPATION OF THIRD PARTY

Any Party may invite the participation of a third party in the joint programs being carried out under this MOU upon obtaining the written agreement of the other Parties and ensure that a third party shall comply with the terms and conditions that shall be agreed upon by the Parties.

 

3.5. DURATION

The MOU shall enter into force on the date of signature and shall remain in force for a period of three (3) years. Thereafter, it may be extended for a further period of two (2) years by mutual written consent of the Parties.

 

4.    EFFECTS ON FINANCIAL, SHARE CAPITAL AND SUBSTANTIAL SHAREHOLDERS’ SHAREHOLDINGS

The MOU is part of the future plan of Prestariang to enhance human potential through life-long learning and develop local talents for global market. Prestariang, as a preferred training and certification provider for CIDB will be working with Autodesk in its effort to train local talents to be industry ready for BIM.

Prestariang expects this MOU to contribute positively towards the growth of the company. 

The MOU will not have any effect on the share capital and substantial shareholders’ shareholding of Prestariang.

 

5.   DIRECTORS’ AND/OR SUBSTANTIAL SHAREHOLDERS’ INTEREST

None of the Directors and/or substantial shareholders or any person connected to the Directors and/or substantial shareholders of Prestariang has any interest, either direct or indirect in the MOU.

 

6.   DIRECTORS’ STATEMENT

The Board of Directors of Prestariang is of the opinion that the MOU is in the ordinary course of business and of the best interest of Prestariang Group.

The announcement is dated 17 November 2014. 

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Announcement Info

Company Name	PRESTARIANG BERHAD
Stock Name	PRESBHD
Date Announced	17 Nov 2014
Category	General Announcement
Reference No	CS-141117-42886