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Karensoft's CEO says he's not selling out
TheEdge Daily, Thursday, April 7, 2005
KarenSoft Technology Bhd chief executive
officer Chee Chong Hwa says he is staying
on in the company which he founded, after
his stake was reduced by half to 20.9%
after the forced selling of some 15.57
million of his shares recently.
“I founded the company. At this current juncture, there is no plan for me to leave the company,” he tells FinancialDaily.
Filings to the stock exchange showed that he had sold a 22% stake comprising 15.57 million shares between March 29 and April 4 via forced selling by brokers.
After the disposal, his total interest was reduced to 20.97% or 14.48 million shares.
Chee said the 15.57 million shares were sold due to forced selling by his stockbrokers as the share price had fallen below 50 sen a share. “It was not my choice but forced selling due to the margin calls.”
Asked if he will buy back the company’s shares, he said: “Given the opportunity (in getting the funding), I will definitely do so.”
Chee also said the company might seek an extension beyond the June 30 timeline for its private placement and bonus issue exercise if its share price continued to remain weak. Its shares closed one sen higher at 26.5 sen on April 7.
He said the ideal share price for the implementation of its bonus issue would be around 61 sen a share, which was the company’s initial public offering price.
KarenSoft hit a recent high of RM1.13 high Nov 22 before tumbling to a low of 22.5 sen on April 5.
Meanwhile, the company has launched its KarenSoft mini enteprise resource planning (ERP) application to provide a full range of ERP systems for the mid-tier and the small business segments.
Chee said the ERP application would have six integrated systems -- financial accounting system, sales distribution system, purchasing control system, material requirement planning, payroll management system, and leave management system.
He said the ERP application would have analysis tool and SMS-enabled capability.
By Reese Loh
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