An obscure, ailing IT company gets a new lease of life with the award of a RM50 million project to operate the 1Malaysia e-mail project.
Former CID chief and Prisons Department director-general Zaman Khan is a non-independent and non-executive director of Tricubes Bhd.
CIMB is one of Tricubes Group’s principal bankers. Nazir Razak is the CIMB Group chief executive officer.
Prime Minister Najib Tun Razak, who unveiled the venture yesterday, said that the project would allow direct communications between the public and the government.
Its main aim is to enhance the delivery of government services to consumers and businesses alike. It will be opened to all Malaysians aged 18 and above.
According to Tricubes website, the company is made up of Tricubes Computers Sdn Bhd, Tricubes NCR JV Sdn Bhd Tam Tam Asia Sdn Bhd, Tricubes Engineering Sdn Bhd and Tricubes Transport Technologies.
It also has 25% stake in GMPC Corp and 40% interest in Tricubes Suria. Its chief executive officer, Khairul Zainal Mokhtar, has 31% stake.
According to Malaysian Science and Technology Information Centre, Commerce Technology Ventures Sdn Bhd owns a 15.63% stake in Tricubes.
Commerce Technology Ventures, a private equity fund, was established with the Bank of Commerce Group or Bumiputra-Commerce Holdings Bhd Group now known as CIMB Group.
Commerce Technology Ventures, in partnership with Bank Negara and the Commerce Group, is involved in promoting and developing technology financing in Malaysia.
The company is managed by CAV Private Equity Management Sdn Bhd, a member of the Commerce Asset Holding Bhd group of companies.
Blogger Anil Netto in a blog entry wrote that external auditors stated in their report that the “group (Tricubes and its subsidiaries) incurred a net loss of RM3,346,752 and the company recorded a net profit of RM653,582 for financial year ended March 31, 2010.
“As of that date, the group and the company’s accumulated losses amounted to RM16,520,722 and RM4,938,227 respectively. These conditions indicate the existence of material uncertainties which may cast doubt on the group and the company’s ability to continue as a going concern,” the report said.
“The ability of the group and of the company to continue as a going concern depends upon the securing of viable contracts and continued support of bankers, creditors and shareholders.”
The technology firm is also one of the 12 companies listed by Bursa Malaysia as a GN3 company because of its “poor or adverse financial condition”.
Under Bursa Malaysia guidelines, the GN3-status classification would make the company eligible to seek help from the Corporate Debt Restructuring Committee to restructure its debts.
Tricubes could be delisted if it fails to convince Bursa that it has a proper recovery plan within 12 months, which include the settlement of all its debts.
The RM50 million government contract will no doubt help breath new life into the ailing company.
Government agency Pemandu today said that the 1Malaysia email project will be entirely funded by the private sector and that signing up for the email service will be voluntary.