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Publisher: The Edge

Business intelligence solution provider Cetheus MSC Sdn Bhd plans to raise RM15 million from its proposed flotation exercise, which is expected to be in the second quarter of 2005.

Its chief executive officer Simon Kong Chia-Huung says the proceeds from the listing on the Mesdaq Market will enable the company to expand and set up a regional support centre as well as to invest more in research and development.

"We have not decided on a merchant bank yet, but we have started working with consultants on the due diligence and the proposed exercise, which we plan to submit at the end of January next year," he tells FinancialDaily.

Cetheus provides technology for gathering information from various databases such as human resource and enterprise resource planning systems to chart sales trends, resource allocation management and financial management.

Cetheus, which has a paid-up capital of RM500,000, reported a net profit of RM2 million on revenue of RM6 million for the financial year ended Dec 31, 2003.

Aside from Kong and his two partners, the company has 30 employees. Emphasis is on R&D and about RM2 million is allocated annually to ensure the company has the competitive edge.

He is upbeat about the outlook for next year and expects to clinch more sales of its software to government-linked companies (GLCs) and local conglomerates.

Kong expects the company to benefit from the government's emphasis on key performance indicators for GLCs and the local conglomerates' initiative. Currently, about 60% of Cetheus' revenue is from the private sector and the rest from GLCs.

He says the company is developing more business intelligence solutions which will be rolled out by next year.

The new solutions would enable it to make forays into the region. About 20% of its revenue is through partnerships from Indonesia, the Philippines, Thailand and Vietnam.
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