Media Clippings

INFORMATION technology solutions provider DVM Technology Bhd, after making a presence in Thailand, aims to expand its business to other Association of South-East Asian Nations’ (Asean) markets.

Chief executive officer Wong Wai Wah said the move will improve further revenue contributions from its overseas ventures.

He said, currently, revenue from overseas business is still insignificant but this is expected to pick up by next year.

“We expect our overseas sales to represent around 5 per cent of our turnover by next year,” he told reporters after the company’s balloting ceremony in Kuala Lumpur yesterday.

“We have made our presence in Thailand and we are targeting to penetrate other potential markets in Asean in the future.”

DVM Technology commenced sales and marketing activities in Thailand in 2002 with the help of local partner Datamat Public Co Ltd.

Datamat Public serves as a marketing arm for DVM Technology to further promote its services and secure new businesses in Thailand.

Datamat focuses on supplying information technology solutions to the financial and governmental bodies in Thailand.

Meanwhile, DVM’s initial public offering (IPO) has been oversubscribed by 90.3 times. A total of 53,068 applications for more than 365.24 million shares were received from the public.

En route to a Mesdaq listing on January 2, the group is offering 40 million shares at 40 sen apiece — out of which, four million shares are offered to the public, eight million shares to DVM employees and 28 million shares are to be placed to selected investors.

The group expects to raise RM16 million from the IPO exercise and about 36 per cent or RM7.5 million of the proceeds will go to its research and development activities.

DVM group posted a pre-tax profit of RM4.2 million for the financial year ended September 30 2002.

For the nine-month period ended June 30 2003, the group registered a pre-tax profit of RM2 million on a turnover of RM34.5 million.

The group registered RM59 million sales revenue for the financial year ended September 31 2003. About 80 per cent of its revenue for 2003 came from its contract with Lantro Vision Sdn Bhd.