Malaysian IT firm gets nod for listing in S'pore
Sarawak Tribune - Wednesday 3 July 2002
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SINGAPORE - A Malaysian venture capital-backed firm is to list on the Singapore Exchange in order to take advantage of Singapore's status as an information technology (LT) hub. NTI International, an IT systems solution and service provider, has obtained in-principle approval for a mainboard listing, making it the fourth Malaysian firm to list in Singapore.
The other three - Nucleus Electronics, Cyber Village Holdings and PKTech International - are listed on Sesdaq. "We are going for a primary listing in Singapore because it is an international high-tech base," NTI chief executive Afandi Dollah told Singapore's The Straits Times. "We also want to use Singapore as a launchpad to expand our business into the region."
NTI until now known as New Technology & Innovation. has a clientele base in five major sectors in Malaysia namely oil and gas; government; automotive/transportation; financial services; and health care. Clients include the Proton Group, Malaysian International Shipping Corporation and ExxonMobil.
"It is now time to break into the Singapore market and other markets in Asean such as Brunei, the Philippines and Indonesia," said Afandi. To help drive its regional ambitions, NTI received an equity injection of RM18 million in 1999 from Crimson, a Silicon Valley venture capital firm.
NTI, which has a staff of about 12 IT professionals, made a pre-tax profit of S$3.5 million (RM7.35 million) in financial year 2001 on a turnover of $34.6 million (RM72.7 million). This compares with a pre-tax profit of S$2.2 million (RM4.62) on a turnover of S$27.8 million (RM58.4 million) in financial year 1999. - Bernama