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June 4, 2001
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Money > Business Headlines > Report June 4, 2001 |
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Aptech shuts down subsidiary in MalaysiaBaburajan K Aptech, the infotech training and solution services major, has shut down the operations of its joint venture subsidiary -Aptech Worldwide - in Malaysia due to the uneconomical size of business and local economic conditions. "Due to the unfavourable market conditions there, the company was not generating adequate revenues as compared to other subsidiaries of Aptech in major countries. This has forced us to take a relook at our investment plans in Malaysia," a senior Aptech official said. Aptech has also put its wholly owned subsidiary in Manama, Aptech Information Systems Middle East WLL of Bahrain, under voluntary liquidation and the operations are proposed to be shifted to the company's branch office in Dubai, the company said in its annual report released recently. As per the liquidation proposal, the subsidiary will transfer all its franchisee rights to Aptech Ltd. The joint-venture company was started in 1993 and offered training, education and consultancy services in the field of information technology. It also marketed software and training-related products. During the year, Aptech formed a 50:50 joint venture with Beijing University of China called Beijing Aptech Computer IT Company. The new entity will expand the company's international training and education business in China. Though Aptech has closed down the operations of its Malaysian venture, its subsidiary Aptech Technologies Pty Ltd is in the process of acquiring the shares from joint-venture partner in Australia and make Aptech Worldwide Pty Ltd (a subsidiary of ATPL) a wholly-owned subsidiary of the company. During the year, Aptech Worldwide, the international arm of Aptech grew by 43 per cent. As part of its expansion plans, Aptech has identified 50 countries by population, IT-readiness and revenue potential, and is already present in 40 of these countries by partnering with governments. Powered by YOU MAY ALSO WANT TO READ:
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