KUALA LUMPUR: Information technology solutions provider Censof Holdings Bhd expects earnings contribution from its overseas business to account for up to half of its revenue, going forward.

Group managing director Ameer Shaik Mydin said the majority of the company’s earnings comes from its domestic operations, which accounts for about 60% of its top line.

“Eventually, we are looking at a balance,” he told reporters on the sidelines during the company’s AGM today.

As part of the group’s plans to expand into the ASEAN market, Censof has tied up with Australia-based MINT Payments and Singapore’s NETS to roll out electronic payment solutions.

The company has also partnered with a leading cloud-based financial company from the US to develop cloud-based enterprise resource planning (ERP) solutions for the Government and private sectors.  

Last month, Censof disposed a 7.3% stake in its associate Dagang Nexchange Bhd (DNeX) and its entire 19.6% holding of warrants for RM32.3mil.

The company had entered into a share sale agreement with Arcadia Acres Sdn Bhd for the disposal of 123.78 million shares at 25 sen a piece and 136.47 million warrants at one sen each.
This pared the company’s shareholding in DNex to 21.3%.

The disposal is expected to raise funds for it to repay about RM31.8milof a bridging loan of RM36.2mil, which was taken to part finance its subscription of its entitlement to DNeX’s rights issue pursuant to an irrevocable written undertaking.

Censof fell into the red, registering a net loss of RM7.08mil, for the financial year ended March 31, 2016 against a net profit of RM7.68mil in the previous year, due to impairment loss on receivables

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