Published on Mar 15, 2014
Billionaire investor, Johor prince sign MOU to offer services in Iskandar
By Audrey Kang
SINGAPORE billionaire investor Peter Lim is stepping up his aggressive push into Iskandar Malaysia with a new agreement to set up a security business.
A security company owned by Mr Lim is joining hands with a Johor prince to offer security services in the rapidly emerging growth corridor.
Mr Lim is one of the largest investors in the Iskandar region over the past two years. He and the Johor royal family are substantial shareholders in Rowsley, which is working on a RM10 billion (S$3.9 billion) development in the Johor Baru city centre.
The Soverus Group, which is 95 per cent owned by Mr Lim, signed a memorandum of understanding with Tunku Abdul Rahman, son of the Sultan of Johor, yesterday. Its chief executive officer, Mr Paul Lim, said: "The security business in all countries is highly regulated. This MOU signifies and cements our belief in the growing market in Iskandar and the rest of Malaysia."
Working with the prince will be hugely beneficial, he added, given his detailed knowledge of the area.
Tunku Abdul Rahman said: "I am very impressed with how Soverus has grown so rapidly within the last four years, from a start-up to a major provider of security services with over 600 staff.
"I look forward to working with Soverus and its manage-ment team to build a credible and imitable full-service security firm in Johor."
One key reason for the MOU is the rising demand for premium security services in Iskandar, owing to the growing affluence of Johor residents, said Mr Paul Lim.
Although the company has yet to execute any plans for its expansion in Iskandar, he said potential clients are already seeking its security services.
Soverus previously focused on providing only guarding services, but has expanded into a wider range of solutions, including private investigations, cyber security and IT forensics.
Three-quarters of its operations in Iskandar will be guarding services, while the remaining 25 per cent will be focused on mostly security technology and security consultancy.
Mr Paul Lim said: "Our mid-term plan is to set up a sizeable infrastructure with proper armoury and full-fledged training facilities."
Officers from Singapore and Malaysia will be able to train with their counterparts in both countries, in order to provide quality guards, he added.