Photo - Ivan Teh, CEO & MD, Fusionex
Malaysian data analytics and artificial intelligence (AI) specialist Fusionex has recently delisted from the London Stock Exchange AIM.
Ivan Teh, who is Fusionex chief executive officer and managing director, confirmed that the company has successfully withdrawn the listing of its shares to become a private company, less than five years after its "significantly oversubscribed initial public offering [IPO]."
"Our IPO was the start for Fusionex International and not the goal-post," Teh explained. "Likewise, the delisting from AIM is not the end, but rather it marks the beginning of a new, exciting journey ahead."
Fusionex completed its privatisation on June 27th 2017 following an extraordinary general meeting (EGM) where more than 89 percent votes were in favour of the decision to go private, he said.
The next move
The delisting is expected to grant Fusionex more autonomy in crafting and executing long-term strategies instead of focusing too much on short term KPIs (key performance indicators).
Although Teh did not rule out the possibility of a relisting on LSE or another stock exchange in the near future, he added the immediate plans include reorganising and strengthening its business "on the back of the fundamentals of a tech company, namely - its offerings, which have been well-received by a multitude of clients - and a robust, innovative and dedicated research and development (R&D) team."
"We see very exciting upcoming years ahead, but only if we take bold and firm steps to capitalise on opportunities that present themselves, such as the difficult but right decision to go private at this juncture," said Teh. "By staying the course towards being a market leader in our space, we can now be more agile and dynamic, as we continue to forge stronger relationships. We are in a very advantageous position for dynamic growth, industry recognition, and we are in a great and timely opportunity to create a positive impact to the industry."
"We believe that in time to come, we will demonstrate that our decision to go private at this stage will unlock the true value of Fusionex," he said. "This will give us the ability to better serve our customers, where this move will ultimately be rewarding for the Company, our people and our shareholders."
"Sometimes we have to take a step back, before we can take many key steps forward," Teh added. "This is precisely what we are doing, and we're committed towards making this happen."
To see some recent Fusionex news, visit:
IoT, Big Data push by Asia Pacific University of Technology
Making the complex craft of analytics a little simpler in Malaysia...with NLP
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