Skali in talks to select merchant banker for Mesdaq listing in Q3

  • Business
  • Wednesday, 15 Jan 2003


E-BUSINESS systems provider Skali is currently talking to three merchant bankers and will be selecting one by the end of this month for its listing exercise on Mesdaq by the 3rd quarter of the year, according to its president Tengku Farith Rithauddeen.  

“We would have to present the chosen banker to the board members by the given dateline. Our institutional investors would want us to be listed and yes, we will make it,” Farith told StarBiz during an interview in Serdang, Selangor. 

He said the money raised from the listing would be used to enhance and expand its operations locally and regionally, especially to the South-East Asian market. 

“It would take some time for us to achieve the goal but we are geared towards that direction. So far, we have more than 50 foreign customers. It's about time we go in-depth in those markets,” Farith said. 

He said that Skali had slowly, but surely, for the past three years gained a foothold in overseas markets. 

“We are in our final stages of talks with the Myanmar government. We are now negotiating the terms and we would be able to know the outcome soon,” he said. “We will most likely be implementing e-business strategies, like helping them to translate their operational functions into web-based functions. The project would lasttwo to three months.”  

Skali's strategic partner in Yangon, Myanmar World Distribution, will im- plement the project as its expertise lies in e-training for various ministries.  

Farith said that locally, Skali had secured five lucrative projects worth a total of RM7mil at the end of last year. Three projects are from government agencies, one from a financial company and the last from a publishing house.  

On Skali's move to consider two technopreneur companies as its subsidiaries, Farith said that this was in the preliminary stages of discussion and expected to see some results by the 3rd quarter.  

Both these companies are specialised players in their respective IT areas and he said it would reinforce Skali's strength.  

Skali reported an unaudited pre-profit of RM800,000 and RM15.3mil in revenue for its fiscal year ended 31 Dec 2002, a tripling of revenue over last year's RM5.2mil.  

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