Provenco secures $21m deal with Malaysia oil giant

11.45am

Auckland-based IT company Provenco today said it had won a $21 million contract with Malaysia's national retail oil company, Petronas Dagangan Berhad.

The contract, which would be spread over 12 months, was to supply outdoor payment terminals and related hardware in Petronas' service station network.

Provenco chairman David Wolfenden said the initial delivery of terminals was planned for March.

Revenue from the deal would be "principally" recognised in the 2004/05 financial year, he told NZX in a statement today.

Provenco said the teminals would connect to Petronas' electronic payment system, which it had also helped developed.

The terminals would make Petronas the first retail oil company in Malaysia to comply with the new EMV international payment security standard.

Provenco announces its first half result on Friday. At 11.30am its shares were up five cents at 54 cents, a one year high.

- NZPA