Press Releases

Transcript: Speech by Mark Chang, CEO, JobStreet Corporation Berhad
Oct 14, 2004

On the occasion of the Signing of Underwriting Agreement for JobStreet Corporation Berhad in conjunction with its listing on the MESDAQ Market of the Bursa Malaysia Securities Berhad
14 October 2004

Good morning
YB Datuk Wira Dr Fong Chan Onn, Minister of Human Resources Malaysia;
YBhg Tan Sri Dato’ Azman Hashim, Chairman, AmBank Group;
YBhg Datuk Ali Abdul Kadir, Chairman of JobStreet Corporation Berhad;
En Mustafa Mohd Nor, Managing Director, Amsecurities Sdn Bhd;
Directors of JobStreet Corporation Berhad;
Our loyal customers, members of the media, ladies & gentlemen,

We are truly honoured to have you here to witness this very significant event in the history of JobStreet – this underwriting ceremony with AmMerchant Bank, which will allow us to list our shares on the Mesdaq market.

As one of the leading online recruitment companies in Asia, JobStreet is helping over 15,000 companies to hire the best talent and 2.8 million jobseekers to find the right companies where they will be able to perform to their best capability, or find the best training programmes for them to upgrade their skills. We truly believe, and hold it as our vision that we are here to improve people’s lives through a better career.

Way back in 1995 we started with a group of loyal employees, some of them are still with us today, in Penang, as MOL.com, the initial parent of JobStreet.com. There, together we built a very successful “portal” even before the word “portal” was invented. However, in 1997, we saw even greater potential for online recruitment services, and we spun off JobStreet.com to focus exclusively on this business. With the support of our pioneer client, Intel Corporation, we flourished, and eventually offered our services to many, many more multinationals and local companies and have enjoyed strong growth in turnover every year even though the employment market has seen its ups and downs.

With JobStreet.com’s success and market acceptance, we were able to secure funding from Walden International in 1999 and operations were set up in Singapore, Philippines and India. Other investors such as Sumitomo, Mavcap Technology and Intelligent Capital followed subsequently.

Leveraging off of this success, we were twice awarded the prestigious Internet Company of the Year Award in the @my2000 and @MY2001 Malaysia Internet Awards sponsored by Jaring and the Star newspaper. We also won numerous other awards like E-Business Site of the Year in the prestigious PIKOM-Computimes IT Awards and Best Software Application Awards in the APMITTA Awards. Regionally, we also achieved a series of accolades such as the “Webby Award” and “People’s Choice” at The Philippine Web Awards and the e50 award in Singapore, ranking top five among e50 dotcoms in Singapore. With all these awards, I’m pleased to report that the operations in each of our countries are already profitable.

Our IPO will raise approximately RM9.7 million for working capital, regional expansion and potential acquisitions of synergistic businesses to expand our company. We are happy to announce that our prospectus will be available soon.

We are confident that all the steps that we have undertaken with respect to our corporate governance, management strength and product portfolio will help ensure we are in the best position to offer shares to the public. We believe that our shareholders, customers and users will continue to be rewarded with a solid company that’s positioned to deliver valuable services, long-term growth, and an increase in shareholder value.

As JobStreet moves to our next growth phase with our impending listing on the Mesdaq market, we are very pleased to welcome Datuk Ali Abdul Kadir to our Board of Directors as our Independent Chairman. We look forward to his mentorship as he brings with him a wealth of experience in corporate governance; finance and industry contacts that we know will add tremendous value to our operations here in Malaysia and regionally. We are also very proud to announce the appointment of Tan Sri Dato' Dr Lin See Yan as an Independent Non-Executive Director. We believe that our journey as a public listed company will be even more steadfast and meaningful with a strong board in place.

At this juncture, we would like to thank AmMerchant Bank for their role as Adviser, Managing Underwriter and Placement Agent for JobStreet Corporation Berhad’s listing. The JobStreet team has enjoyed working with all of you. Thank you. Lastly, I would like to thank everyone here, especially our loyal clients, and all JobStreet staff who stayed with the company, even when we were a very small company. Thank you.