Privasia takes over Airocom listing
Filed Under (Bursa News) by Webmaster on 13-05-2009
Tagged Under : Airocom, Mesdaq, pn17, Privasia
Privasia Technology Bhd (Privasia Tech), which made its debut on the Mesdaq market yesterday after taking over the listing status of Airocom Technology Bhd, expects to come up with a turnaround plan for Airocom in three months.
Privasia Tech chief executive officer Puvanesan Subenthiran said the turnaround plan would focus on improving Airocom’s financial position and the company’s ability to deliver projects.
Airocom posted a net loss of RM1.489mil for the financial year ended Dec 31, 2008.
Puvanesan also said the immediate focus was on integrating the operations of the subsidiaries within the group in order to complete its solutions offering.
From left: Privasia Tech non-executive director Datuk Mohamed Salleh Bajuri, chairman Datuk Ali Abdul Kadir, non-executive director Brian Wong (partly hidden), Puvanesan Subenthiran, executive directors Andre Anthony Hubert Rene and Hamzah Ismail at the listing ceremony
He said the company wanted to extend its market reach in the telecommunications sector.
Asked on its overseas business expansion plan, Puvanesan said the company would like to expand regionally but the focus was currently on Malaysia.
The restructuring scheme of Airocom resulted in Privasia Tech becoming the investment holding company for Airocom and Privasia Sdn Bhd, together with their respective companies.
It entailed Privasia Tech acquiring the entire equity stake in Privasia Sdn Bhd for RM40.7mil, settled with the issuance of 406.7 million new Privasia Tech shares, representing 72.9% of the issued and paid-up capital in Privasia Technology.
The acquisition comes with a profit guarantee of RM9.8mil over two years in 2008 and 2009.
The scheme was finalised with a share swap exercise, whereby one existing Airocom share was swapped for one new share in Privasia Technology, and the transfer of Airocom’s listing status to Privasia Technology.
Privasia Tech is an information technology company involved mainly in IT outsourcing and IT consulting.
Airocom’s share price had stood at 9 sen before it was suspended for the share swap exercise and the transfer of its listing status to Privasia Tech.
Privasia Tech went up 2 sen on its debut yesterday, but closed unchanged at 9 sen.
“We have always been looking out to expand our outsourcing services beyond the IT scope, particularly in the telecommunications sector. With Airocom now part of the enlarged Privasia Group, we are now ready to venture into the rapidly-advancing field of telecommunications by offering our outsourcing services,” he said in a statement.
i still not understand..privasia and msedaq is a stock?
Mesdaq is one of the “Board”. There are currently 3 boards in Bursa Malaysia. Main Board, Second Board and Mesdaq Board. The companies listed in each board are based on certain criteria. Mesdaq companies are mainly technology stocks and small cap based. Privasia is one of the company listed in Mesdaq board.