KUALA LUMPUR: GHL SYSTEMS BHD []'s board had set up an executive committee to steer the company following the recent resignation of its managing director Tay Beng Lock and it had also mapped out three strategies to return to the black.
It said on Thursday, April 28 the exco would steer the company's corporate direction and execute its growth strategies.
The exco comprises the executive chairman, deputy managing director,''chief operating officer and group finance director''- as well as the audit committee chairman (as observer), to ensure overall corporate governance and accountability,' it said.
GHL said with the diverse and highly-experienced team, the board believed the exco would be sufficiently adept in formulating and executing the growth strategies of GHL and its subsidiaries.
The growth strategies to stop the three consecutive years of losses of the group would be ''to consolidate its position in the payment services industry, to contain costs and maximise the return on its investments.
'Locally, the Group plans to grow its credit card business by 10% in financial year ended'' Dec 31, 2011, and tap into the potential of the e-debit business segment which has recorded a 200% increase in payment''transactions in the last 24 months.
'GHL will also look into adding new services into its payment terminals to increase the Group's recurring income component,' it said.
GHL said it would also focus on expanding the group's business in Asia where the group has a presence, which were the Philippines, Thailand, and China.
'The group aims to achieve a 30%-70% revenue breakdown for the local and overseas markets respectively,' it added.
It said it would explore merger & acquisition opportunities in the local and regional markets for synergistic benefits.
'In view of these growth plans, and of the positive financial results of the group for the first quarter ended 31 March 2011 and barring any unforeseen circumstances, the board is also targeting for the group to be profitable by the end of financial year 2011,' it said.
It said on Thursday, April 28 the exco would steer the company's corporate direction and execute its growth strategies.
The exco comprises the executive chairman, deputy managing director,''chief operating officer and group finance director''- as well as the audit committee chairman (as observer), to ensure overall corporate governance and accountability,' it said.
GHL said with the diverse and highly-experienced team, the board believed the exco would be sufficiently adept in formulating and executing the growth strategies of GHL and its subsidiaries.
The growth strategies to stop the three consecutive years of losses of the group would be ''to consolidate its position in the payment services industry, to contain costs and maximise the return on its investments.
'Locally, the Group plans to grow its credit card business by 10% in financial year ended'' Dec 31, 2011, and tap into the potential of the e-debit business segment which has recorded a 200% increase in payment''transactions in the last 24 months.
'GHL will also look into adding new services into its payment terminals to increase the Group's recurring income component,' it said.
GHL said it would also focus on expanding the group's business in Asia where the group has a presence, which were the Philippines, Thailand, and China.
'The group aims to achieve a 30%-70% revenue breakdown for the local and overseas markets respectively,' it added.
It said it would explore merger & acquisition opportunities in the local and regional markets for synergistic benefits.
'In view of these growth plans, and of the positive financial results of the group for the first quarter ended 31 March 2011 and barring any unforeseen circumstances, the board is also targeting for the group to be profitable by the end of financial year 2011,' it said.
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