Peter Lim, Johor prince in Iskandar security venture
THE stage has been set for a Singapore company, with a royal touch, to beef up the security offering in Iskandar Malaysia.
Soverus Group, a local security solutions company owned by Singaporean businessman Peter Lim, and the prince of Johor, Tunku Abdul Rahman, have agreed to set up a premium security business in Iskandar.
Under a memorandum of understanding signed on Friday, the joint venture will tap the growing demand in Iskandar for good and reliable private security services.
Soverus will initially focus on Iskandar, which is expected to receive an influx of new foreign investors and residents, and security is a key consideration for it in establishing in the economic zone.
Soverus also plans to eventually expand to other parts of Malaysia, specifically Kuala Lumpur and Penang, chief executive officer Paul Lim said at a press conference.
Soverus, whose initial business focus was on providing guard services, has expanded into providing a full range of security solutions, including consultancy, systems solutions, tagging, cybersecurity, big-data analytics, IT forensics and private investigation.
According to Mr Lim, the firm plans to eventually offer this full suite of services in Iskandar, although it will initially offer guard services when it starts its work there within three months.
"We have identified quite a number of companies (for acquisitions) and we are in the process of going through discussions, negotiations and due diligence," he said.
"Certainly, we are looking at security agencies, companies with good track records, good clientele, good reputation and, in the area of security technology, systems integration. So those are our immediate focus at this point in time."
Mr Lim said there was already a substantial list of clients knocking on the firm's door. "The minute our business is officially launched, it will probably be with at least half a dozen to a dozen clients almost immediately."
He estimates that up to 75 per cent of the demand for its services in Iskandar will be for guard services, while the rest seek services in consultancy and security technology.
Mr Lim did not rule out that Soverus could also be bidding for security service contracts for Mr Peter Lim's other business ventures in Iskandar.