AIG and Software International Form Joint Venture IT Company In Malaysia

American International Group, Inc. (AIG) and Software International Corporation (M) SDN. BHD. (SIC) 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 and will apply to the Multimedia Development Corporation for Multimedia Super Corridor (MSC) status. The company will initially operate through SIC, which holds MSC status until its individual MSC status is approved.

AIG-Software International JV SDN will offer a variety of services including the maintenance and development of applications software, technical project management, recruiting of technical personnel, research and development in emerging information technologies, and data center services. 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.

"AIG is pleased to respond to the call by Prime Minister Mahathir for multinational corporations to locate in the MSC," commented M.R. Greenberg, AIG chairman. "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."