Kuala Lumpur, 7 May 2013 – Formis Resources Berhad (FRB) today announced its intention to undertake a voluntary conditional take-over offer of all the remaining ordinary shares of RM0.10 each in Microlink Solutions Berhad (Microlink) which are not already owned by its wholly-owned subsidiary, Formis Holdings Berhad (FHB). As at 6 May 2013, FHB directly holds 39,044,600 Microlink shares representing 29.22% equity interest in Microlink.

The offer made by FHB is for a cash consideration of RM0.60 for every one (1) Microlink share.

Microlink is principally involved in investment holding and the provision of research and development. Through its subsidiaries, Microlink is also involved in the delivery of information technology solutions to the financial services industry and the trading and marketing of computer software programs and products, among other things.

The move is part of a series of strategic initiatives by FRB aimed at increasing the capacity and strengthening the group’s core business in information technology. The increase in its equity interest in Microlink will allow operations between both groups to be consolidated. This is expected to create collaborative benefits in the form of enhanced operational efficiency gained from a larger distribution network, opportunity for cross-selling to a wider client base, complementary strengths in products and services, as well as having a wider range of innovative and competitive solutions.

Microlink’s Syariah compliant Islamic Core-Banking solution will also give FRB the opportunity to expand its intellectual property base.

Crucially, both the FRB and Microlink Groups will be able to leverage on each other’s knowledge, expertise and competitive strengths. This will be vital in penetrating new markets within the information and communications technology sector.

A BIG THANK YOU to all of you who came out to support our event. This year’s charity event in support of Rumah Amal Kasih Bestari was extremely successful and attracted contributors from beyond the Formis Group. The day’s collections exceeded our original target of RM10,000.00 by close to RM3000 (subject to final confirmation by the charity Committee’s Treasurer).
Watch this space as we plan to hold a follow up event for the children at Rumah Amal Kasih Bestari. This time, the brothers and sisters of First Solution will be taking the children for a picnic at Bukit Cahaya, Taman Botani, Shah Alam on 14th Jan 2012 from 8am to 2pm.
The cheque presentation ceremony of the final figure from our Charity day will be held during this trip.
Thank you all once again for all your support!

 

FE Technologies and Com-Line Systems Sdn Bhd a subsidiary of FORMIS RESOURCES BERHAD are pleased to announce a partnership in the supply of Library RFID technology in Malaysia.

 

FE Technologies, a leading supplier of innovative library RFID technology is delighted to announce Com-Line as its Malaysian, Brunei & Indonesia distributor.  The FE Technologies’ suite of RFID products and services facilitates 100% self-checkout in libraries and provides huge efficiencies in stocktaking, loans and returns, security and sorting.
With long-standing experience in state-of-the-art library management systems Com-Line is the perfect partner to bring FE Technologies’ products to the Malaysian region.

Both FE Technologies and Com-Line look forward to bringing their combined library expertise together to showcase the latest innovations in library RFID technology.

 

It is time for FSSB's yearly Charity Drive! This time all proceeds will go to Rumah Amal Kasih Bestari, Kg Betik, Kg Melayu Subang, Shah Alam - www.kasihbestari.org

When: 1st December 2011; 12pm - 4pm

Where: 8th Floor Menara SMI, 6, Lorong P. Ramlee

What: There will be plenty of Food, Reflexology by the blind, car wash for two or four tokens!

Cost: 2 tokens for RM20

 

Come on over and help us put a smile on the faces of the children at Rumah Amal Kasih Bestari!!!

 

*for more information on the event, kindly contact:

• Zainye at +6016 368 8588 or email zainye@first.com.my
• Habibah at +6017 305 0547 or email habibah@first.com.my

 

AmResearch Sdn Bhd Analyst Report for Formis Resources dated 9th Nov 2011.

Shareholders approved its reverse takeover of ISS Consulting Solutions
 
KUALA LUMPUR, MONDAY (17 March 2010): Formis Resources Berhad (FRB) which received shareholders’ approval today for its reverse takeover (RTO) of leading SAP solutions provider, ISS Consulting Solutions Bhd (ISS),  is now competitively poised to be a technology provider of world class standards with a regional presence.
       Dato’ Mah Siew Kwok, Executive Vice Chairman and Chief Executive Officer of FRB said after the extraordinary general meeting of shareholders: “The enlarged FRB Group with enhanced technical capabilities and financial resources is strongly positioned to pursue more opportunities in the information and communication technology (ICT) sectors locally and regionally.
       He said: “ICT is viewed by enterprise as a vital component for business efficiency and will continue to be a key enabler and strategic tool for cost savings and productivity improvements during challenging times.”
       “In addition, with the initiatives and efforts undertaken by the Malaysian Government to boost the ICT sector,  FRB, also sees tremendous opportunities for the ISS Group’s solution offerings, particularly from large private enterprise as well as the Government and government-linked companies,” he added.
       The RTO of ISS is via the injection of FRB’s subsidiary Diversified Gateway Berhad (DGB) into ISS. The RTO is part of a corporate exercise approved by shareholders at the Company’s extraordinary general meeting today. The other part involves the proposed distribution in-specie of 185.9 million ISS shares pursuant to the proposed RTO, to FRB shareholders, on the basis of one ISS share for one FRB share. After the distribution in-specie, FRB will hold 59.3% of ISS.
       Dato’ Mah added that the dilution of FRB’s holding in DGB is not expected to have a material impact on the future earnings of the FRB Group given its contract in hand amounting to approximately RM370 million as at 31 December 2009. In addition, FRB will still be able to consolidate the contribution from DGB via its 59.3% stake in ISS.
       ISS, incorporated in 2004 by a group of highly experienced SAP consultants, is one of the leading service providers of integrated business solutions in the SAP environment. ISS has over the years, deployed state-of-the-art SAP solutions across various industries such as chemicals, automotive, manufacturing, and industrial machinery and components, in the ASEAN countries and the Asia Pacific.
       Dato’ Mah said the sale of DGB and the takeover of ISS was in line with FRB’s vision of acquiring strategic businesses which would integrate, complement and value-add to the Group’s existing operations and enhance the Group’s value proposition to its clientele and shareholders.
       He said FRB has been on the lookout for opportunities to enhance its SAP solutions business, an area in which the Company felt was the “missing link” in its suite of ICT solutions. The RTO gives FRB a meaningful presence in the SAP solutions segment immediately.
  ISS would also provide the FRB Group with a platform to capitalize on the growth opportunities in Asia, given ISS’ growing presence and extensive customer base in Singapore, Thailand and Indonesia.  
       With regards to the dividend-in-specie, it is to reward FRB’s shareholders,   and at the same time ensures that ISS complies with the public shareholding spread.
  The proposed corporate exercise has received all the relevant approvals, except for Securities Commission’s approval for the Proposed Dividend-In-Specie and the Mandatory General Offer. The distribution of the Proposed Dividend-In-Specie will be implemented upon receipt of the approval from the relevant authorities and in compliance of all the conditions stated.