Perak Corporation Berhad (Perak Corp) has entered into a Collaboration Agreement (CA) with Megaconn Technologies Sdn Bhd (MTSB) to jointly pursue a concession for the development and implementation of a statewide smart water meter initiative in Perak.
Under the CA, MTSB will assume full responsibility for the funding, working capital, liabilities, debts, and operational obligations of the project. This includes leading all technical, financial and implementation planning.
If the concession is awarded, MTSB will independently enter into a concession agreement with Lembaga Air Perak and bear all associated performance and funding obligations.
MTSB — previously operating under the names Realton Estate Sdn Bhd and later Bond Resorts Management Sdn Bhd — was incorporated in June 2020. The company’s business covers utility construction, construction of buildings, and import/export activities. Its directors are Liu Huoping, Tan Siong Nee, and Ong Teng Boon.
Perak Corp will support the project through liaison, coordination and stakeholder engagement and will be entitled to 5% of the total concession value if the project is awarded.
However, all capital expenditure, operating costs and financial obligations related to the project will be borne exclusively by MTSB. Perak Corp will also bear its own facilitating costs and will not receive any additional share beyond the 5% entitlement.
Perak Corp said the collaboration enables the company to establish a flagship platform for smart water infrastructure, supporting digital transformation and innovation in the state’s utilities sector.
