Business

Tricubes wants regularisation plan extension

By Yow Hong Chieh
October 31, 2011

In a filing to Bursa Malaysia made on behalf of Tricubes on Friday, sponsor M&A Securities Sdn Bhd said it had submitted an application to Bursa Securities to push the deadline back to December 31.

Friday was also the submission deadline for Tricubes’ regularisation plan, which is at risk from being delisted.

The ACE-listed company triggered Bursa Securities’ Guidance Note 3 (GN3) last October after it was flagged by auditors concerned about its weak financial standing.

That same month, it then tried to get a waiver from Bursa Securities to comply with GN3 requirements but was unsuccessful.

The 1 Malaysia email project, or myemail, is expected to save the federal government RM200 million over 10 years by halving the cost of sending official correspondence to 50 sen from RM1.

While basic email is free for all Malaysians above the age of 18, users will have to pay for premium services such as end-to-end encryption and push billing services.

Tricubes chief executive Khairun Zainal Mokhtar (picture) admitted at a press briefing in April that the controversial RM50 million myemail project was a financial lifeline for the technology company.

Tricubes, which describes itself as “the market leader in Malaysia in identity verification”, reported a net loss of RM1.19 million on the back of RM1.14 million in revenue for the quarter ended June.

The company aims to sign up 5.4 million users by year-end but has so far only managed to register some 3,000 subscribers, most of whom were ported over from trial accounts.

It was reported earlier this month that Tricubes has also approached four government agencies to use its push billing email system and will soon start pilot trials with two.

The agencies are the Royal Malaysian Police (PDRM), Kuala Lumpur City Hall (DBKL), Road Transport Department (JPN) and Employees Provident Fund (EPF).

Critics have questioned the need for the service, pointing out that companies such as Google, Microsoft and Yahoo! already provide free and secure web-based email accounts.

Detractors also questioned why loss-making Tricubes, working in collaboration with Hotmail service owner Microsoft Corp, was tapped to spearhead the project.

 

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