KUALA LUMPUR (Nov 6): Edaran Bhd has secured a job to maintain the Royal Malaysian Customs Department’s (RMCD) customs operating system and MySST (Malaysia Sales & Services Tax) application (2023-2027) valued at RM89.88 million ― nearly three times the company’s market capitalisation.

Edaran’s wholly owned unit Edaran IT Services Sdn Bhd accepted the contract to undertake maintenance of hardware, software, network, integration and application of Sistem Maklumat Kastam (SMK) and MySST from the Ministry of Finance on Monday, according to the IT services provider’s bourse filing.

The contract’s commencement date was on Sept 1 and is to span a period of four years.

“Proceeds from the contract shall contribute towards the earnings of the group for the financial year ending June 30, 2024 (FY2024) until FY2027,” Edaran said.

The company added that none of its directors and substantial shareholders have any interest in the contract.

Edaran’s substantial shareholders are Valiant Chapter Sdn Bhd with a 23.8% stake, Kauthar Sdn Bhd (8.17%) and Unique Pyramid (7.93%). A check with the Companies Commission Malaysia showed that Valiant Chapter is wholly owned by Zamri Samsuddin, while Unique Pyramid is entirely owned by Ruzila Ab Kadir.

Meanwhile, Kauthar is 95%-owned by Edaran’s founder, previously prominent corporate figure Tan Sri Tajudin Ramli, while the remaining 5% is held by his spouse Puan Sri Faridah Abdullah. Tajudin’s son, Fazlan Azri Tajudin, sits on the company’s board as an executive director.

Shares in Edaran closed one sen or 1.98% higher at 51.5 sen on Monday, valuing the company at RM30.6 million.