Mar­ket cap­i­tal­i­sa­tion of Aus­tralian unit may hit US$100m

New Straits Times - - Business -

KUALA LUMPUR: AppAsia Bhd ex­pects the mar­ket cap­i­tal­i­sa­tion of its Aus­tralian sub­sidiary, AppAsia Ltd, to touch US$100 mil­lion (RM443.7 mil­lion) in the next few years if its e-mar­ket­place and e-com­merce busi­ness gains solid foot­ing in Aus­tralia, In­done­sia and Thai­land.

“If our e-mar­ket­place and ecom­merce busi­ness runs smoothly in Aus­tralia and ex­pands to In­done­sia and Thai­land, cou­pled with a pos­i­tive share take-up rate, we can an­tic­i­pate to see the fig­ure,” ex­ec­u­tive di­rec­tor Calvert Wong Ngai Peow told NST Busi­ness.

AppAsia Ltd, which cur­rently has a mar­ket cap­i­tal­i­sa­tion of be­tween A$20 mil­lion and A$22 mil­lion (RM68.2 mil­lion and RM75 mil­lion), is rais­ing A$4 mil­lion to A$6 mil­lion from the Aus­tralian Se­cu­ri­ties Ex­change (ASX) and will be­gin trad­ing on the Aus­tralian bourse in the third quar­ter of this year.

“The good part of the eq­uity mar­ket in Aus­tralia is that in­for­ma­tion tech­nol­ogy and e-com­merce-based com­pa­nies can eas­ily raise fund­ing. With AppAsia eMar­ket­place as the gate­way into China and Asia, we ex­pect pos­i­tive growth as many Aus­tralian busi­nesses are are look­ing at big­ger mar­kets out­side Aus­tralia.”

On the ex­pec­ta­tions of a pos­i­tive stock take-up rate, Wong said: “Pre­vi­ously, Aus­tralian in­vestors are very United States­cen­tric but now they are look­ing at China and other Asian com­pa­nies.”

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.