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Listing Will Put Asdion In Position To Spread Wings



25 Dec 2004 - IT WAS the promising development of the Multimedia Super Corridor (MSC) that attracted Yap Tai Tee, a Malaysian, to return home after more than 10 years working in Singapore.

Once home, he set up a software development company, Asdion Sdn Bhd, which early this year obtained MSC status and is now on its way to a listing on the Malaysian Exchange of Securities Dealing & Automated Quotation Bhd Market of Bursa Malaysia Bhd.

"The MSC, since its inception, had become very matured, and I felt it was timely that I come back. This listing exercise is indeed a milestone for us," Yap, who is Asdion group managing director and chief executive officer, said in an interview in Kuala Lumpur recently.

The company is making a public issue of 12 million new shares at 50 sen each. Together with a proposed rights issue, Asdion expects to generate gross proceeds of RM7.35 million.

Of the amount, RM2.2 million with be used for research and development, RM1.2 million capital expenditure, RM2.75 million working capital and RM1.2 million listing expenses.

"After the listing exercise, we will give priority to our research and development," said Yap.

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).

"We particularly focus on business, management and accounting systems under our brand name, Asdion," he said.

Yap said many small-sized businesses, especially those in the services sector, are transforming their back office applications to more integrated and advanced methods.

He said Asdion's software is a versatile suite aimed a providing a complete end- to-end business process cycle for SMEs.

The listing will also be a platform for Asdion to spread its wings, especially to China.

"We already have a subsidiary in China but we want to make our presence significantly felt there. There are a lot of opportunities for us in China. More and more factories are being built and for their downstream activities, a lot of the suppliers are SMEs," said Yap.

Currently, most of Asdion's clients are based in Singapore.

For the year ended June 30 2003, Asdion made a net profit of RM801,000. For the first six month of the current financial year, Asdion posted a net profit of RM269,000.

Source: Btimes.com.my/Current_News/BTimes/Saturday/Frontpage