Published: Monday June 18, 2012 MYT 1:19:00 PM
Updated: Monday June 18, 2012 MYT 2:46:53 PM
No plans to re-enter China, says GHL Systems
Kuala Lumpur: GHL Systems Bhd is not re-entering the Chinese market in the immediate future after the irregular transactions that took place in FY2011 but will focus on the opportunities ASEAN countries offer.
The company lost RM26 million in FY2011 due to irregular transactions in their China operations and provisions measures taken.
"We are reconsolidating ourselves and reinvest in the company to grow the business," said chief executive officer Kanagaraj Lorenz. Shareholders have accepted the proposal of not having dividends pay out this year after the annual general meeting which is held on Monday. The company is looking at expanding sales regionally and in important secondary cities in Malaysia like Penang, Johor Bahru, Kuching, Kota Kinabalu and Kuantan. Executive director Ng King Kau said that they are looking at increasing merchant acquisition's sale growth by five-fold within the next two years.
"We are not only a domestic company. We are an Asean company. We expect to see not less than 50% of our revenue to be contributed by overseas business by 2015," executive chairman Loh Wee Hian said.