Thursday, 16 April 2009

OSK Holdings to focus on regional integration

Business Times
2009/04/15

OSK Holdings Bhd will focus on strengthening its existing regional networks in Singapore, Hong Kong, Shanghai, Indonesia and Cambodia this year to remain profitable.

OSK Investment Bank's managing director/chief executive officer, Ong Leong Huat said the emphasis this year would be on the integration of the operations in the region, especially the new businesses in Indonesia and Cambodia.

"OSK Holdings will continue to focus on these areas (Indonesia and Cambodia) as well as expanding its business there," he told a media briefing after the company's annual general meeting here today.

Ong said OSK Holdings expected 40 per cent contributions from its overseas operations to the pre-tax profit this year.

"The concentration and focus will be in these markets. There is a huge potential in these markets," he said.

He said the insurance business in Malaysia was over-crowded and after evaluation, the company decided not to include insurance in its portfolio.

On economic performance, Ong said Malaysia was in a better position compared with other countries as it was resource-based.

"We are resource-based country. Oil and gas resources and palm oil sector contribute alot to the economy," he said. -- BERNAMA

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