Listing proceeds to beef up R&D expansion of Orisoft HR system

  • Business
  • Thursday, 17 Apr 2003

ORISOFT Technology Bhd plans to use the RM6.45mil in proceeds from its listing exercise to expand research and development (R&D) of its human resource management systems software.  

Its managing director Raymond Su Do told reporters of this plan after the company's underwriting ceremony in Kuala Lumpur yesterday. AmMerchant Bank Bhd is the adviser, managing underwriter, placement agent and sponsor for Orisoft's proposed flotation. 

Orisoft, which expects to list on the KLSE Mesdaq market next month, will be issuing 15 million new shares of 10 sen each at an issue price of 43 sen per share. Of the total, 13 million shares are for private placement, 1.5 million for subscription by the Malaysian public, and 500,000 for eligible directors and employees. 

(From left): AmSecurities executive director Philip Chang, AmMerchant Bank director and head of corporate finance )Pushpa Rajadurai, Raymond Su Do and Orisoft director and software development chief Joel Tomines Requioma at the underwriting signing ceremony.

According to Su Do, companies using Orisoft products include those in the construction, hotel, manufacturing, trading, telecommunications, and transportation sectors, as well as government departments. 

Among them are Prudential Assurance, Credit Guarantee Corp, Taylor's College, McDonald's Malaysia, NEC Malaysia, Konsortium Logistik Bhd and TIME Dotcom Bhd.  

The company has also expanded its reach beyond Malaysia.  

Last year Orisoft started operations in Thailand through 47% owned associate Orisoft (Thailand) Co Ltd.  

Su Do said that several hotels in Thailand and Indonesia were already using Orisoft’s solution. 

“We are planning to expand our business in Thailand and Indonesia where we believe there is a huge potential for our product,'' he said. 

Meanwhile, plans are already in place to market Orisoft's product in the Philippines and Singapore. “We hope to team up with partners in these countries to minimise expansion cost,'' he said. 

On its financial performance, Su Do said, for the year ended Feb 28, Orisoft registered an after-tax profit of RM1.03mil on revenue of RM3.4mil. 

“We have been profitable in three out of the past five years,'' he added. 

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