Stamp of approval, INVESTOR DIGEST

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LOCAL entrepreneurs whose companies are likely to list one day aregiving the new MESDAQ market on the Kuala Lumpur Stock Exchange a secondlook. Previously, they had set their sights on exchanges abroad because of`lack of action' on MESDAQ. Here are excerpts from email feedback from them stating their views ofthe recent merger of MESDAQ and KLSE. POSITIVE SIGNS Mark Chang, chief executive officer of Jobstreet.com.(Jobstreet.com is an active online recruitment site with operations inMalaysia, Singapore, India and the Philippines. It earned revenues of S$3million in year 2000.) `There's no doubt that MESDAQ's merger with KLSEhas the potential to address many of the previous concerns that a lot ofcompanies considering a listing had with low liquidity. If the KLSE canproceed to develop MESDAQ into a solid technology-focused bourse, we willdefinitely consider it as a more viable option when we look at our listingoptions.' Steve Hsia, chief executive officer DeliriumCyberTouch (Consultingfirm DeliriumCyberTouch specialises in getting traditional brick-and-mortarcompanies onto the Internet; the company has operations in Malaysia, China,Hong Kong, South Korea and Taiwan.) `The recent merger is good for MESDAQ.I believe it will change the perception towards MESDAQ and its liquidityconstraints. As a company we will continue to study the viability of aMESDAQ Market listing.' Alex Kong, chief executive office AsiatravelmartSdn Bhd (This travel portal began operations in 1998 and posted RM22 millionin revenue for its financial year ending June 2001). `More liquidity and accessibility are definitely great news forMESDAQ. We are constantly monitoring the market conditions and we do see awindow of opportunity for our IPO this year. We will either list our holdingcompany that is based in the Cayman Islands or our subsidiary Asiatravelmart.com.And if MESDAQ can keep its current momentum going for the months to come,I would definitely list our company on the MESDAQ Market.' CHALLENGES AHEAD`The requirements for use of proceeds in Malaysia are still not conducivefor a regional company like ourselves. However there has been progressin making these rules more flexible so they are moving in the right direction.Another concern is whether the local markets are ready to evaluate andvalue technology companies at levels comparable to competing markets. We need to see some successful technology IPOs before we can judgewhether MESDAQ can achieve its objectives and become a world class marketfor high-growth technology companies.' `A lack of investor interest incompanies like DeliriumCyberTouch, which have regional IT consulting operations.And the general lack of foreign funds in the KLSE. Although the overallimage and perception towards the local bourse have improved and gettingthe attention of foreign funds, it is too early to tell how this will benefitthe MESDAQ Market.' `The (small) number of research coverage on MESDAQ-listedcompanies, analysts' understanding of technology companies and their productsand services and the valuation given to technology companies is generallystill low in Malaysia. Also the percentage of funds raised through a MESDAQ IPO that can beused for global expansion is currently too small.'

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