KarenSoft to raise RM10.55 mln from listing exercise , TheEdge Daily, Tuesday, December 10, 2002

KarenSoft to raise RM10.55 mln from listing exercise
TheEdge Daily, Tuesday, December 10, 2002


Software developer KarenSoft Technology Bhd plans to raise RM10.55 million from its proposed listing on the Mesdaq.

The proceeds would be used for research and development and for expansion locally and overseas, executive chairman and chief executive officer Chee Chong Hwa said at the underwriting ceremony on Dec 10.

Under its listing exercise, it is offering 17.3 million new shares of 10 sen each at an offer price of 61 sen each. One million shares would be offered to the public, 14.45 million shares are to be placed out and the remaining 1.85 million shares are for KarenSoft's employees and directors.

AmMerchant Bank Bhd is the adviser, managing underwriter, placement agent and sponsor for KarenSoft's proposed listing.

The bank's head of corporate finance Pushpa Rajadurai said KarenSoft's prospectus would be released this month and the listing date is expected to be in January.

KarenSoft's core activities are computer software development, sale of hardware and provision of maintenance services.

It specialises in providing extended enterprise resources planning (ERP2) solutions for small to medium-sized industries.

ERP2 consists of solutions for sales distribution, material requirements planning, logistics management, planning and production, financial accounting and fixed assets, human resources information and customer relationship management.


By Ng Kar Yean