ARB’s Launches Cloud-Based Virtual AGMs’ Solutions To Public Listed Companies & Create International Presence
- ARB taps on the big shift towards digital as well as SC's guidelines to encourage listed issuers to continue leveraging on technology beyond the MCO period, with the launching of its Virtual AGMs' Solutions, ARB WeMeet.
- ARB WeMeet will be available for corporate clients at a competitive rate while offering solutions that drive proactive engagements with shareholders
- The Group is targeting to capture 30% of the public listed companies in Malaysia, Singapore, Indonesia, Thailand and Australia, target to generate a lucrative yearly recurring income to the Group
KUALA LUMPUR, MALAYSIA - Media OutReach - 13 October 2021 - Main Market-listed information technology ("IT") software and platform provider ARB Berhad (KLSE:7181) ("ARB" or "Group") launches its self-developed virtual shareholders' meeting ("VSM") – ARB WeMeet to provide companies and shareholders with a stress-free, intuitive and enriched experience.
ARB Berhad Executive Director Dato Sri' Larry Liew Kok Leong (拿督斯里刘国良) said: "We're excited with the launching of WeMeet, our state-of-the-art Virtual Shareholders' Meeting, that will serve the needs of shareholders and companies in the "New Normal". Since the beginning of the pandemic, we have been working tirelessly to develop a virtual meeting solution, leveraging on our expertise in the digital space and our understanding of the importance of corporate governance and engagement with shareholders. We are thrilled that it's finally ready to serve the market, and we have ensured that our solutions are at a competitive rate, making it easier for our corporate clients to shift towards virtual meetings."
ARB WeMeet are critical tools that will help to revolutionize how companies conduct their annual meetings and engage with shareholders. There are a lot of advantages to conducting a virtual meeting over a physical meeting as it enables shareholders to participate in the meeting remotely easily. In the wake of the COVID-19 pandemic, most corporates and shareholders have realized the importance of the VSMs tool. According to Computershare data, 40% of the Annual General Meetings (AGMs) globally were conducted virtually during the first seven months of 2021 as compared to just 27% in 2020.
ARB WeMeet's offering includes state-of-the-art video and audio experience, role-based meeting views, comprehensive meeting management tools and real-time Q&A functionality.
"One of the criticisms on virtual shareholders meeting is the lack of engagement with shareholders, and the system might be open to abuse. With WeMeet, we are sure that the platform allows for a highly engaging and modern virtual experience, starting with a seamless meeting authentication, a "Zoom-like" meeting experience and real-time Q&A functionality," Dato' Sri Larry Liew said.
He added that the platform also provides an integrated console to manage all aspects of the VSM experience, including seamless management of high-quality video and audio, streamed from multiple presenters, screen sharing, meeting materials management and voting.
"WeMeet ensures that the voting process is transparent and that the meeting is open for engagement with shareholders." Dato' Sri Larry Liew said, adding that shareholders democracy, particularly retail investors' access to boards will not be eroded with WeMeet solutions.
Given that all the public listed companies in Malaysia, Singapore, Indonesia, Thailand, Australia would need to organize an annual general meeting on a yearly basis, excluding the extraordinary general meeting, this would provide a huge potential for ARB. Based on the Group's internal target to capture 30% of these market, WeMeet is expected to generate a lucrative yearly recurring income for the Group.
According to Dato' Sri Larry Liew, the rollout of WeMeet in Malaysia is the first phase and while the VSM solution is competitive, he is confident that the Group's competitive pricing and viable solutions that address some of the concerns over the virtual meeting, put ARB in a good position to capture the market. Most of the Annual Meeting of shareholders will now be conducted exclusively online by remote communication. This decision was made in light of the Covid-19, public health concerns and required limits on public gatherings.
"We're also looking beyond Malaysia by bringing in global audience. It is our intention to help these corporates to shift towards digital as it has always been our priorities. Given the potential of WeMeet and the sustainable business model, we believe that this will be a launching pad for us to expand our offerings. We welcome partnership collaboration in Asia-Pacific region to grow our market," he said.
About ARB Berhad
ARB Berhad ("ARB" or "Company") is incorporated in Malaysia under the ACT in October 1997 and was listed on the Main Market of Bursa Malaysia Securities Berhad in February 2004.
The Company is primarily an IT software and platform provider company.
It's business operates predominantly in two (2) business areas:
1. Enterprise Resource Planning ("ERP") – designing and reselling of customized ERP solutions
2. Internet of Things ("IoT") – integrated solutions in the systems, engineering, procurement, commissioning, and management of IoT systems
Its expertise lies in empowering businesses through digital transformation and technology integration