Erwan Tahir is new chairman of SRT Security Services

KUALA LUMPUR — SRT Security Services Sdn Bhd has announced the appointment of Datuk Seri Erwan Mohd Tahir (picture) as its new chairman.

Erwan’s appointment is under the guidance of Rafiq Rahmat, the company’s main shareholder and current managing director, who envisions expanding SRT’s horizons beyond traditional security services.

“With Erwan at the helm, SRT is leveraging its extensive corporate experience and solid relationships to venture into defence deals.

“This endeavour represents a significant investment of RM50 million from SRT, financed by a third-party partner and matched by our international partner,” said the security and cash solutions company in a statement today.

SRT also disclosed that negotiations are underway with a leading global defence company, with several Southeast Asian nations vying for the lucrative deal.

SRT reckoned that a potential book order of RM1.2 billion in the Asian region for 2025 underscores the immense opportunities for the company.

A signing ceremony is scheduled during the upcoming 18th “Defence Security Asia” from May 6-9, 2024, with SRT aiming to boost its financial standing by venturing into defence deals.

“SRT remains committed to delivering and focusing on its current business operations.

“The rise of cashless transactions has indeed reshaped our market dynamics, particularly with the surge of technology and cashless payments following the COVID-19 pandemic,” Rafiq said.

He said SRT remains relevant by focusing on its core strengths amid technological advancements experienced by the industry.

The company is currently cultivating a close collaboration with one of its industry peers, akin to the partnerships seen in the airline industry, where it anticipates a possibility of partnership or code-sharing arrangements soon, he added.

It is also set to launch a new cash-in-transit method in the second quarter of this year following the success of its pilot project in collaboration with technological partner, OpenSys Technologies Sdn Bhd.

With a total assets under management (AUM) of RM12 billion in 2023, SRT aims to maintain its excellence in providing security services.

With new customers emerging in the Independent Automated Teller Machine (ATM) Deployer market in Malaysia, SRT is confident of achieving a total AUM of RM18 billion this year, he concluded. — BERNAMA / pic TMR FILE