KUALA LUMPUR: Australian-listed AI Group Ltd has identified a few target companies with high growth potential to invest in Asia Pacific including Malaysia.
Chairman James Huey said the board will be reviewing the companies in the next four to six weeks before making a firm deal.
"We will be looking at making an investment in one of more target companies this year. The sectors we are focusing on is new age business. Malaysia is one of our dominant targets because of our familiarity with the market.
"We will also be active in the Australian market. We will be over time, identifying prospects in our regional economics that are of interest where the countries are stable or in growing situation and that will include China and Vietnam," Huey told NST Business here recently.
AI Group, an investment holding company was listed on the National Stock Exchange of Australia (NSX) recently and it raised about A$1.8 million.
Huey said it will use the fund for its daily operation and for investment in the targeted companies.
"We want to buy good quality business and increase the valuation. The target will be companies that have a bright future and delivering sustainable business with a lot of upside.
"The objective is to increase their valuation. We will not just be a passive investor like sitting back and waiting for that company to deliver good results. We will be actively helping them to grow their business and build their profits, and underneath all that increase the value of the company, which means the value of our investment," he said.
AI Group's biggest shareholder Datuk Dr. Sherwin Chew said the group will grow the investee companies and seek for additional fund in the near future.
"We plan to raise more capital after making a few successful investments in the next one to two years. If we can show our shareholders and the rest of the market that we can add value to companies, then we have a track record and that will make it much easier for us to raise more funds," Chew said.
AI Group is aiming to move to the main board of the Australia Stock Exchange (ASX) in no less than two years.
"It depends on whether we can achieve significant size. Going on to the main board of ASX requires AI Group to be larger and again have a good track record to sustain market interest in it," he said.
Chew is also not ruling out a dual listing in another country to raise more funds, as well as to build the company's profile and market confidence.
Source: News Straits Times