FSBM 富士通 9377 FSBM HOLDINGS BHD
Tuesday, 30 September 2014FSBM confident of tiding over bad times
Tuesday, 30 September 2014
While admitting that the loss-making technology services and systems provider is currently not in a good shape, managing director Datuk Tan Hock San (pic) told StarBiz that it was in talks with several parties for “at least three” projects at the moment but declined to elaborate.
While admitting that the loss-making technology services and systems provider is currently not in a good shape, managing director Datuk Tan Hock San (pic) told StarBiz that it was in talks with several parties for “at least three” projects at the moment but declined to elaborate.
PETALING JAYA: FSBM Holdings Bhd, which is in the midst of a legal action against its former directors to recover a substantial amount of debt owed to it, is looking at a few projects to help tide over its current troubled times.
While admitting that the loss-making technology services and systems provider is currently not in a good shape, managing director Datuk Tan Hock San (pic) said that it was in talks with several parties for “at least three” projects at the moment but declined to elaborate.
The legal action involves directors of Technitium Sdn Bhd (TSB), who are former FSBM directors and the debts amount to some RM41mil.
This debt issue, which adds on to the problems of FSBM, had started in 2010.
“We want them (the debtors) to know that we are still pursuing the matter,” Tan told StarBiz.
FSBM subsidiary FSBM CTech Sdn Bhd (CTech) together with FSBM have commenced legal action against TSB and its directors for the recovery of debts amounting to RM32.4mil and RM8.6mil, respectively.
Towards this end, the company filed a suit in the High Court on April 22 against the directors, namely former deputy vice-chancellor (academic) of Universiti Teknologi Malaysia Professor Emeritius Dr Azman Awang and Haliza Bidin as first and second defendants, respectively, as well as against accounts clerk Mariana Ahmad Tahar as third defendant and TSB as the fourth defendant.
In its statement of claim filed by its lawyers, FSBM is seeking that the court declares the defendants had the intent to defraud the creditors of TSB, in particular FSBM.
The case is expected to be heard on Oct 31.
On Saturday, StarBiz reported that FSBM, once a high-flying stock on Bursa Malaysia, was not doing as well as it used to when it first got listed in the 1990s.
The company has four main components, namely systems and solutions, education and training, multimedia and communications, and smart community.
For its financial year ended Dec 31, 2013 (FY13), FSBM announced a net loss of RM10.4mil on revenue of RM3.6mil, while for the six months ended June 30, the company reported a net loss of RM2.1mil on revenue of RM757,000.
This is a far cry from its hey days. For example, in 2006 the company made a net profit of RM14mil, a jump from RM9.4mil from the year before as revenue surged to RM101.7mil from RM72.7mil. Intense competition in the IT industry was partly to blame for the company’s slide, Tan said.
FSBM is known for its teachers’ training programme job, which it secured in 2004 from the Education Ministry. The project, worth RM114.24mil, involved the training of 100,000 teachers in the area of information and communications technology.
Industry officials do not discount the possibility of the company seeking more education jobs, an area in which it has expertise.
FSBM shares finished 0.5 sen lower at 24 sen yesterday.
http://www.thestar.com.my
