A security company owned by Singaporean businessman Peter Lim is joining hands with the Sultan of Johor's son to set up a security business in Iskandar Malaysia.
Soverus Group on Friday signed a memorandum of understanding (MOU) with Tunku Abdul Rahman, the son of Johor's Sultan Tuanku Ibrahim, to establish the joint venture aimed at tapping into the increasing demand for premium security services in Iskandar.
Mr Paul Lim, chief executive officer of Soverus Group, said this MOU marks the first time the company has ventured out of Singapore.
"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," Mr Lim said.
The firm, which initially focused on providing guarding services, has expanded to provide services such as security consultancy, cyber-security, IT forensics and private investigations.
Mr Lim said the company was encouraged to set up shop in Iskandar as potential clients located there had approached it asking for similar security services.
"Our mid-term plan is to set up a sizable infrastructure with proper armoury and full-fledged training facilities," Mr Lim said. Officers from both Singapore and Malaysia will also be able to train with their counterparts in both countries, in order to provide quality guards.
Soverus Group is also setting its sights on bringing the business into Kuala Lumpur and Penang within six years, with further expansions in Malaysia to be decided at a later date.