Media Clippings

KUALA LUMPUR, Dec 22 (Bernama) -- DVM Technology Bhd expects its overseas ventures in Asean countries to contribute about five percent to its sales revenue in 2004, its chief executive officer, Wong Wai Wah, said Monday.

The company is currently looking at venturing into Thailand within next year, he told a press conference after the company's balloting ceremony here.

DVM group's core activities include the provision of specialised telecommunication, data communication and computer network solutions, provision of specialised system integration solutions, development of open source software development, development of next generation communication software applications and other related professional services.

The company balloted the initial public offering (IPO) of four million ordinary shares of 10 sen each at an issue price of 40 sen per share, which saw an over-subscription of 90.3 times.

Its IPO consists of 40 million shares issued at 40 sen per share with eight million shares available to DVM employees and 28 million shares available for placement to selected investors.

The company is en route towards a Mesdaq Market listing on the Kuala Lumpur Stock Exchange (KLSE) on Jan 2, 2004.

Wong said the company expected to see larger contributions from overseas ventures in the years to come but would concentrate on Thailand for the time being.

DVM posted sales revenue of over RM59 million for its financial year ended Sept 31, 2003.

About 70-80 percent of the company's sales revenue for 2003 came from its contract with Lantro Vision Sdn Bhd.

Wong said the IPO would raise RM16 million and it would be utilised for the group's branding and promotion, project financing, working capital and research and development.

-- BERNAMA