KUALA LUMPUR: Financial software solutions provider Century Software Holdings Bhd plans to raise RM21.40 million from its listing exercise, of which RM6 million would be used for research and development.
The company said on Wednesday, Dec 29, it would issue 23 million new shares of 10 sen each at an offer price of 93 sen each. Of the 23 million new shares, 8.55 million shares would be placed out; 5.80 million shares for eligible directors, employees and business associates; and the remaining 8.65 million shares for the Malaysian public.
Of the RM21.40 million, Century Software said RM6 million would be for R&D, while the remaining amount would be for capital expenditure for business expansion, working capital, repayment of bank borrowings, and listing expenses.
As part of the listing exercise, the shareholders would be offering for sale 10.9 million shares.
It is slated to issue its prospectus and list on Bursa Malaysia in January 2011. Kenanga Investment Bank Berhad is the adviser, sole underwiter and sole placement agent for Century Software's IPO.
Century Software deputy executive chairman Samsul Husin said R&D was crucial for the company to strengthen its competitive edge.
'The flotation exercise aims not only to create a higher profile for the group, but more importantly to take our R&D capability to the next level.
'To this end, we plan to enlarge our current R&D team and use part of the IPO proceeds together with our internally-generated cash flows to develop new applications and solutions for both our financial software solutions and payment aggregator segments,' he said.
Century Software's recent R&D achievements and commercialisation included the electronic revenue accounting system for the Inland Revenue Department and the eClaims System, a self-service online claims system.
The company said on Wednesday, Dec 29, it would issue 23 million new shares of 10 sen each at an offer price of 93 sen each. Of the 23 million new shares, 8.55 million shares would be placed out; 5.80 million shares for eligible directors, employees and business associates; and the remaining 8.65 million shares for the Malaysian public.
Of the RM21.40 million, Century Software said RM6 million would be for R&D, while the remaining amount would be for capital expenditure for business expansion, working capital, repayment of bank borrowings, and listing expenses.
As part of the listing exercise, the shareholders would be offering for sale 10.9 million shares.
It is slated to issue its prospectus and list on Bursa Malaysia in January 2011. Kenanga Investment Bank Berhad is the adviser, sole underwiter and sole placement agent for Century Software's IPO.
Century Software deputy executive chairman Samsul Husin said R&D was crucial for the company to strengthen its competitive edge.
'The flotation exercise aims not only to create a higher profile for the group, but more importantly to take our R&D capability to the next level.
'To this end, we plan to enlarge our current R&D team and use part of the IPO proceeds together with our internally-generated cash flows to develop new applications and solutions for both our financial software solutions and payment aggregator segments,' he said.
Century Software's recent R&D achievements and commercialisation included the electronic revenue accounting system for the Inland Revenue Department and the eClaims System, a self-service online claims system.
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