CSF roaring to go in the ‘tiger economies’
15th March 2010, Philip Waller, Daily Express
A COMPUTER company hopes to cash in on growth in the ‘tiger economies’ of South East Asia by raising £28million in an AIM market listing.
CSF Group plans to build a £75million data centre in Malaysia before expanding into other countries in the region, such as Thailand.
The firm builds and maintains data processing centres for use by corporate customers such as banks, which store information including details of statements and accounts.
Chief executive Adrian Yong said that, with a population of 600 million, demand for data services was increasing in south east Asia, which had not suffered as badly from the credit crunch as western economies.
Since 1991, CSF has built and fitted out more than 200 data centres in Malaysia for government organisations, financial institutions like the Kuala Lumpur stock exchange and telecom companies such as Malaysian national carrier TM Net.
The new centre will be the fourth self-owned commercial centre CSF Group has built so far on the Cyberjaya technology park, near Kuala Lumpur.
The company, which employs about 130 staff, hopes to begin work in June on the 201,000 sq ft centre, which will double its existing capacity.
Yong said CSF had decided on AIM for its flotation instead of Asian markets because they lacked listed data centre companies, while London offered a wealth of investor knowledge and experience.
He added that Malaysia’s membership of the Commonwealth also meant that its companies were actually more familiar with British corporate legislation.
The group is raising the cash through broker and adviser Cenkos Securities and will be worth about £85million after it has been admitted to the AIM market.