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Asdion Charts 55% Gain To 77.5 Sen


By Tamimi Omar

13 January 2005 - Back-end office solutions provider, Asdion Bhd, charted a 55% or 27.5 sen gain over its offer price of 50 sen to 77.5 sen in its debut on the Mesdaq Market on Jan 13.

The counter eased from a remarkable opening when its share price nearly doubled to 96.5 sen.

At the close, a total of 17.31 million shares valued at RM14.51 million were traded at between 75 sen and 96.5 sen.

"The opening price was out of my expectation; I thought it would be higher than 50 sen, but not 96.5 sen," its group managing director Yap Tai Tee told reporters after the ceremony marking Asdion's debut at Bursa Malaysia.

He said Asdion would focus on hospitality, travel and the supply chain sectors as its target market for future growth.

"There is a large demand for this back-end office solutions in the service-based industries and we expect our performance this year would do much better with the funds raised today," Yap told reporters.

"We are also working with market leaders to speed up product penetration in these target markets," Yap said. However, he declined to comment on which major players Asdion was currently talking with.

He also said Asdion would focus on its three existing geographical markets, Singapore, Malaysia and China as these markets offer huge potential for growth within the next few years.

Source: theedgedaily.com/cms/content.jsp?id=com.tms.cms.