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Hitachi eBworx

Press Releases

November 18, 2003

eBworx Makes Impressive Debut on MESDAQ

Kuala Lumpur, 18 November 2003 - eBworx Berhad made an impressive debut on the Mesdaq market of the KLSE yesterday, opening at 55 sen for a 22 sen premium, or 66.66 per cent, over its initial public offering (IPO) price of 33 sen.

"The share premium is within the expected range… we are very happy with it. The premium indicates investor confidence in the company," said its Chief Executive Officer Tan Suan Fong.

The stock closed at 45 sen with 162.10 million shares changing hands. It was the second most active counter yesterday.

At the listing ceremony, Tan told reporters that eBworx has started to do roadshows and recruit partners for its overseas expansion plans in China, Hong Kong and Japan.

"We have done market studies in those countries and are now doing the marketing work to expand our business there," he said.

According to Tan, the South Korean market has a lot of potential due to its high information technology literacy rate. In addition, he said, the company plans to expand its customer base to include insurance customers.Currently, the bulk of its customers are banks.

eBworx also plans to broaden its product range to include trade finance and wealth management applications.

The eBworx group is a regional financial solutions specialist, providing a wide array of digital commerce solutions to the financial services industry.

Apart from Malaysia, the company provides software solutions, including credit management, customer information files, sales and marketing automation and electronic delivery channels, for the financial services industry in countries like Indonesia, the Philippines, Singapore and Thailand.

Some of its clients include AmBank Group, ING Insurance Berhad, Southern Bank Berhad, United Overseas Bank (Malaysia) Berhad.

Overseas customers include Keppel Insurance Pte Ltd, Krung Thai Bank, P.T. Bank Danamon Indonesia Tbk.

eBworx was granted Multimedia Super Corridor (MSC) status in early 2002. The company's IPO involved a public issue of 50 million new shares of RM1 each at 33 sen apiece.