Silver Ridge to venture into more foreign markets
22 July 2006 - Business Times
SILVER Ridge Holdings Bhd, a network solutions provider, expects the overseas market to contribute a third to sales within the next five years.

The firm, which made its debut on the Mesdaq Market yesterday, will extend its base in Indonesia, Bangladesh and Sri Lanka and step into Vietnam, the Philippines and Cambodia for its growth, said chief executive officer Datuk Mohd Suhaimi Abdullah.

“We plan to go to Vietnam and the Philippines in the next quarter,” he told reporters after the listing ceremony in Kuala Lumpur.

The firm will venture into Cambodia next year.

Shares of Silver Ridge opened at a strong premium of 19 sen, or 53 per cent, at 55 sen with 1.92 million shares traded, against its offer price of 36 sen.

The counter closed 3 sen or 8.33 per cent higher at 39 sen. It was the most active stock with 69.19 million units traded.

Silver Ridge will extend its presence to countries with a huge population, low tele-density and which have Malaysian firms present there.

It recently secured a RM123 million contract from Celcom (Malaysia) Bhd to develop the latter’s 3G radio frequency network.

The firm will also be finalising a contract with an Indonesian firm to develop cellular network in the next three months. Suhaimi declined to elaborate further.

There are also plans to move its research and development (R&D) centre to India in the immediate future, he said.

“Operation cost is much more effective there,” he added.

Silver Ridge targets a net profit of RM3.65 million on RM119.32 million revenue for the year ending December 2006.

It made a net income of RM3.33 million on RM86.77 million revenue last year.

Silver Ridge raised RM9.56 million from the listing exercise and some RM3.5 million will be used for R&D purposes.
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