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Thursday, August 20, 2009

Paycomm to turn Time Reach around with new products

PAYCOMM Sdn Bhd expects to turn around its newly-acquired Time Reach Sdn Bhd by the financial year ending Dec 31, 2009 through new product offerings such as fixed-line prepaid phone.

Chief executive officer Datuk Muhammad Farid Ridhwan said the group expected to launch its prepaid fixed-line phones in the first quarter next year with an initial distribution of 50,000 units and 250,000 units for the whole year.

“The product is the new growth driver for us and we are optimistic that it can help (Time Reach) to return to the black,” he told a press conference in conjunction with its acquisition of Time Reach yesterday.

Farid said the prepaid fixed-lined phone was expected to benefit from the slowdown in consumer spending as it was a product that could help consumers save costs.

“The prepaid phone concept is well-accepted in the mobile industry and (the fixed-line prepaid) is expected to have the same effect in the fixed-line market,” he said, noting that the local telecommunication industry, worth RM25bil, offered huge opportunities.

“We plan to introduce this new product in Cambodia, Vietnam, Indonesia and India starting end of next year,” he added.

Paycomm announced its acquisition of the entire equity of Time Reach from TimedotCom Bhd for RM8.3mil early this month. The acquisition is expected to be completed in three months.

Time Reach, a payphone company with 26 branch offices and six regional offices nationwide, has a workforce of 600.

Paycomm has said Time Reach’s workers would not be retrenched



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