YGL Convergence Bhd unit, YGL Intelligent Technology Sdn Bhd, has received a RM1 million grant from Malaysia Digital Economy Corporation Sdn Bhd for the development of a smart halal monitoring system.

KUALA LUMPUR (Oct 18): YGL Convergence Bhd’s wholly-owned unit, YGL Intelligent Technology Sdn Bhd, has received a RM1 million grant from Malaysia Digital Economy Corporation Sdn Bhd (MDEC) for the development of a smart halal monitoring system.

In a filing with Bursa Malaysia on Wednesday, YGL said the Malaysia Digital Catalyst Grant (MDCG) will be used for the purpose of joint creation, problem-solving, development and commercialisation of innovative solutions with an end-user partner, PIJ Halal Ventures Sdn Bhd.

“The award of the MDCG will have no effect on the issued share capital, but is expected to improve the earnings per share, net assets per share and reduce the gearing level of the company for the financial year ending March 31, 2025 (FY2025) and FY2026 when the project is commercialised with the end-user.

“The expected revenue to be generated from the project is RM1.98 million and RM3.9 million for the first and second year respectively,” the group said.

Shares in YGL ended unchanged at 14 sen, giving the group a market capitalisation of RM35.77 million.