Thursday, March 8, 2012

Ebworx ... Mar12

Ebworx Bhd has received a takeover offer from Hitachi Ltd to buy all of its shares at 90 sen per share which is conditional of a minimum level of acceptances of 85% of the nominal value of its shares, excluding the treasury shares held by Ebworx.

Having deliberated on the contents of the letter, the board has agreed for the potential buyer to proceed with the due diligence (to the extent permitted by applicable laws and regulations) on the company (Ebworx).

As the Malaysian financial services sector grows its regional and digital footprints, banking solutions provider eBworx has been purusing growth by riding on the sector’s dynamics.

Its client base include almost all the local banks as well as those in Singapore, Indonesia, China , Thailand and the Philippines.

The software requirements of financial service providers change as and when central banks tweak regulatory guidelines. The impending implementing of the Basel III global regulatory standards will also require banks to revaluate their internal frameworks.

Recurring income now makes up about 70% of eBworx’s top line after the group reoriented its business strategy away from one off software licensing sales.

Its order book stood at rm60 million. Its cash and bank balance stood at rm35.2 million.

Its three largest shareholder collectively control about 70.69% stake in the company. Tan holds 16.12%, CSE-Infotech Ltd and OSK Ventures Intl Bhd’s unit OSK Capital Partners Sdn Bhd own 29.21% and 25.36% equity interest.

By building its regional presence, its future focus will be on growing its presence in Singapore, Indonesia and China.

For the past five years, more than 80% of its revenue comes from its exiting customers.

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