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Tuesday, October 7, 2014

Censof partners ABSS to leverage introduction of GST (Edge)

Censof Holdings Bhd has teamed up with Asian Business Software Solutions Sdn Bhd (ABSS) to combine their resources and capabilities to leverage the introduction of the Goods and Services Tax (GST) in Malaysia.

The joint venture (JV) is also to drive sales growth of the MYOB brand accounting software products to new customers in the domestic market, said Censof.

In a filing with Bursa Malaysia, Censof said its wholly-owned subsidiary Century Software (Malaysia) Sdn Bhd today signed a joint venture (JV) agreement with ABSS for the purpose.

The JV business entity will be known as Centennial Profile Sdn Bhd (CP), whose name will subsequently be changed to Censof ABSS Sdn Bhd.

Under the partnership, Century Software will have a 50.02% stake in the JV company, while ABSS will hold the remaining 49.98%.

Both Century Software and ABSS intends to invest RM300,000 each in the JV entity.

Century Software's investment would be funded via internal funds of Censof.

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