Market capitalisation of Australian unit may hit US$100m
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.”