SRT-EON now a fully owned family business after company MD purchases remaining 40pc stake from EON Bhd

KUALA LUMPUR, May 18 — Local security solutions company SRT-EON Security Services Sdn Bhd will now be a completely family-run business following the acquisition of a 40 per cent stake in the entity by its current managing director Rafiq Rahmat, the company announced today.

The 40 per cent stake, which according to SRT-EON is valued in the region of RM16 million, was purchased by Rafiq from Edaran Otomobil Nasional Berhad (EON), with the remaining 60 per cent of shares already owned by him and his other siblings.

SRT-EON Security Services was formed in 1982 by Rafiq’s father, Datuk Rahmat Ismail, while EON is a wholly-owned subsidiary of the public listed company DRB-HICOM Bhd.

“The purchase now increases Rafiq and his siblings’ stake in the family-owned company founded by their father, SRT-EON Security Services, to 100 per cent, further strengthening Rafiq’s position in the company, enabling him to streamline the company to greater heights.

“(This) while still holding true to the core values of the company which was and still remains, to be the best and most competitive service provider, (and) in short, to give peace of mind to all clients,” read a statement issued by the company today.

Despite the acquisition, SRT-EON said the company will maintain the EON acronym within its name for one more year in line with existing contractual obligations.

“This is a new chapter for SRT-EON, (where) we open to new ventures, with many plans in the pipeline to go along with the changing times including digitalisation. Exciting times ahead,” said Rafiq in a brief statement.

SRT-EON also expressed their intentions to diversify and take on new ventures aimed to cement the company’s reputation as among the country’s top security solutions company.

The statement explained how the company is currently in talks with new partners while actively seeking out collaborations as they look to explore more digital opportunities to go with the times.

These include venturing into secured Covid-19 vaccine deliveries, drone surveillance, Smart cash-in-transit and cash management systems, improved surveillance and tracking systems, the use of Artificial Intelligence, and offering on-demand ATM services.

“We will continue changing the way we lead and leading the way we change by delivering quality services in not just the security industry but in everything we do, which has been our goal since we first started.

“It is still our top priority today,” read the statement.