KUALA LUMPUR, Malaysia, May 4, 1998 – American International Group, Inc. (AIG) and Software International Corporation (M) SDN. BHD. (SIC) announced today that they have formed a Malaysian joint venture company to engage in information technology businesses. The joint venture company will be named AIG-Software International JV SDN. BHD. It will apply to the Multimedia Development Corporation for Multimedia Super Corridor (MSC) status, and operate as an MSC company once such status is approved. In the interim, the joint venture will operate through SIC, which currently is an MSC company.
The joint venture company will offer services including maintenance and development of applications software, technical project management, recruiting of technical personnel, research and development in emerging information technologies, and data center services. It will establish a center of excellence for software development staffed with high calibre information technology professionals. AIG has undertaken to utilize the joint venture as a preferred provider for certain of the services. The joint venture will also offer its services to outside organizations including other corporate clients.
Commenting on the announcement of the joint venture, AIG Chairman M.R. Greenberg, who is on a business visit to Malaysia, said, “AIG is pleased to respond to the call by Prime Minister Mahathir for multinational corporations to locate in the MSC. We plan to use the joint venture for applications software development for our operations around the world, as well as to maintain the information systems in our extensive Asian operations. In addition, AIG hopes to offer the joint venture’s services to other companies operating within the MSC as well as to assist in the development of the MSC infrastructure.”
Alexander Y.L. Lee, Chairman of SIC, commented, “Software International is very pleased that AIG has chosen to participate in the MSC in a joint venture with us. AIG will certainly be a big boost for Software International and the MSC, and this agreement is a demonstration of AIG’s support and confidence in the Prime Minister’s vision. We look forward to the joint venture making a significant contribution to the MSC and to the information technology agenda of the Government at the dawn of the new Millennium.”
AIG is the leading U.S.-based international insurance organization and among the largest underwriters of commercial and industrial insurance in the United States. Its member companies write property, casualty, marine, life and financial services insurance in approximately 130 countries and jurisdictions, and are engaged in a range of financial services businesses. American International Group, Inc.’s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
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