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Asdion Makes Debut On Mesdaq With 46.5 Sen Premium

14-01-2005

14 January 2005 - ASDION Bhd made a commendable debut on the Mesdaq market yesterday with its shares opening at 96.5 sen for a premium of 46.5 sen over its initial public offering (IPO) price of 50 sen.

The counter slipped back to a low of 75 sen before closing at 77.5 sen, on volume of 17.3 million shares.

Speaking after the listing ceremony in Kuala Lumpur yesterday, group managing director and chief executive officer Yap Tai Tee said the opening price was beyond his expectations.

"I expected the opening price to be higher than 50 sen but not this high," he said.

"It (the listing of Asdion) is a very exciting moment. We waited 12 years to come to this stage," he added.

Asdion, a back-office enterprise applications provider, made a public issue of 12 million new 50 sen shares. Together with a proposed rights issue, Asdion expects to generate gross proceeds of RM7.35mil to be used among other things, on research and development, capital expenditure and working capital.


Yap Tai Tee hitting the gong to mark the listing of Asdion on the Mesdaq market
Thursday. With him are other company directors.

Asdion, which is an acronym for Application Solution Developed in Objects and Network, specialises in providing integrated solutions software and products for small- and medium-sized enterprises (SMEs) focusing on business, management and accounting systems under its brand name, Asdion.

Moving forward, Yap said Asdion would continue to concentrate on its present core markets ¨C Malaysia and Singapore ¨C as well as penetrating into the retail, hospitality and logistics service industries.

On its operations in China, Yap said the group expected the proceeds from its listing exercise to help beef up its activities there and generate higher revenue this year.

The group, which set up its operations in China last year to tap the Olympic Games in 2008, also expects rising demand for software products from China¡¯s hospitality industry. The group is also looking at forging alliances with key technology leaders to speed up the penetration of the back-office enterprise applications technology.

Source: biz.thestar.com.my/news/story.asp?file=
/2005/1/14/business/9898996&sec=business