Formis/ISS ... Mar10

Formis Resources Bhd received shareholders' approval for the reverse takeover of ISS Consulting Solutions Bhd at its extraordinary general meeting (EGM).

ISS is a leading service provider of integrated business solutions in the SAP environment.

The reverse takeover would create a meaningful presence in the SAP solutions segment for the Formis. ISS' growing presence and extensive customer base in Singapore, Thailand and Indonesia will serve as a platform for Formis to capitalise on the growth opportunities in Asia.

The enlarged Formis group with enhanced technical capabilities and financial resources is strongly positioned to pursue more opportunities in the information and communications technology (ICT) sector locally and regionally.

The reverse takeover of ISS is via the injection of Formis' subsidiary Diversified Gateway Bhd into ISS. The other part involves the proposed distribution-in-specie of 185.9 million ISS shares pursuant to the proposed reverse takeover, to Formis shareholders, on the basis of one ISS share for one Formis share. After the distribution in-specie, Formis will hold 59.3 per cent of ISS.

The proposed corporate exercise had received all the relevant approvals, except for the Securities Commission's approval for the proposed dividend-in-specie and mandatory general offer.