Skali plans to raise RM15mil from IPO


E-business systems provider Skali plans to raise RM15mil from its proposed KLSE Mesdaq market listing, according to its president Tengku Farith Rithauddeen said. 

He said the company was currently seeking approval from the relevant authorities on the listing exercise and expected to see “some concrete results” in September. 

No deadline has been set for the listing exercise and the right timing would be determined by market forces, he told reporters at the sidelines of the I.Tex 2003 Conference on innovation and venture financing - key factors for competitiveness in Petaling Jaya yesterday.  

From left: Datuk Seri Law Hieng Ding, British Telecom regional director and head of Asian Research Centre Dr Kamal Jit Singh, Tengku Farith Rithauddeen and Malaysian Invention and Design Society president and founder Tan Sri Dr Augustine Ong.

The expansion would see Skali expanding regionally to developing countries like Myanmar, Vietnam and Middle East. “We will not go to countries that already have strong players,” said Farith, who was invited to speak on developing a culture of invention, innovation and entrepreneurship for enhanced competitive edge.  

Science, Technology and the Environment Datuk Seri Law Hieng Ding who opened the conference told a press conference that his ministry was “still looking at some of the changes” with regard to the restructuring of Mimos Bhd.  

The restructuring of Mimos Bhd would see it being divided into 3 divisions - research and development (R & D), formulation of policies and business. The Science, Technology and the Environment Ministry would look after R & D activities while the Energy, Communication and Multimedia Ministry would oversee the formulation of policies. The business side of Mimos would come under the Finance Ministry.  

Mimos president and chief executive officer Tengku Datuk Dr Mohd Azzman Shariffadeen Tengku Ibrahim said: “There are lots of parties involved in the restructuring. We (Mimos) no longer do work for NITC (the National Information Technology Council).” 

Law urged the private sector and universities to create partnerships in generating cutting-edge innovation through R&D. 

“Our overall national R & D expenditure is still very low compared with other Asian countries, whose R & D expenditure range between 2% and 3.5% of their gross domestic product. Nonetheless, it is heartening to note our national R & D survey 2000 indicated that the private sector continues to account for the larger share of our national R & D expenditure,” he said. 

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