The company which is involved in the Chinese language-electronic publishing, a fingerprint identification system and e-commerce solutions, hopes to utilize the monies for research and development, marketing and working capital.
Its managing director Teh Hon Seng told reporters the company's electronic publishing solutions are being used by 70 percent of the local Chinese newspaper publishing and also in Singapore while the fingerprint system was already being used by police in China to assist in criminal investigations.
Asked why PUC Founder is looking at MESDAQ to float its shares, its adviser and underwriter K & N Kenanga's vice president of its business development unit Megat Mirzan Nichola Denney said the country's still fledgling tech index was chosen as it does not require a company to have a track record.
PUC Founder achieved its MSC-status in 1997 and was awarded a grant of RM850,000 by the Multimedia Development Corporation (MDC) to aid in the fingerprinting identification system.
Founder Group is the first IT company to set up operations abroad. It now owns three listed companies, Founder (HK) Ltd in Hong Kong, Founder YanZhong which is listed on the Shanghai Stock Exchange and another subsidiary EC-Founder, also an IT solutions provider which is part of the Hong Kong Stock Exchange.
Founder Group chairman Wang Xuan, who is also an International Advisory Panel (IAP) member, said PUC Founder (MSC) will be the first of its overseas operations to be listed in a foreign stock exchange.
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