Proha plc strenghtens its position in the Asian project management markets

PROHA PLC STRENGHTENS ITS POSITION IN THE ASIAN PROJECT MANAGEMENT MARKETS Proha Plc has agreed to acquire a Singaporean and South Korean project management software supplier and management consulting group PMsoft Asia Pte Ltd (PMsoft). Proha's subsidiary Artemis has a 49% holding of PMsoft. With the acquisition, Proha will become the leading high-end project management software supplier in the Southeast Asian markets of Singapore, Hong Kong and South Korea. PMsoft has representatives in Indonesia, Philippines, Taiwan, India, Hong Kong, and Malaysia. PMsoft has a wide clientele in Southeast Asia. The company has clients in a diverse range of industries including information technology, finance and banking, government, and telecommunications. Clients include Singapore Airlines, Bax Global, Hong Kong Housing Authority, Overseas Chinese Banking Corporation, Korea Telecom, Hanvit Bank, and Korea Electric Power Corporation. PMsoft Group's turnover for the last 12 month period was EUR 2.5 million and the profit EUR 170 thousand. As a result of the economic growth in Asia, the turnovers of the companies are expected to increase rapidly. The companies have 14 employees in Singapore and 10 employees in South Korea. In addition, the company has an independent management consulting network of 10 employees. The acquisition will be structured in such a manner that Proha purchases the whole share capital of PMsoft Group's parent company, JST Investments (Asia) Pte Ltd (JST). JST has a 51% holding of PMsoft Group and Proha's subsidiary Artemis a 49% holding. The acquisition will be structured as an exchange of shares, where the owners of JST are offered a total of 55,655 new shares of Proha Plc. The shares offered amount to approximately 1% of the share capital of Proha Plc after the exchange of shares. The new shares include a sales restriction which will expire totally in three years. The acquisition will be closed, when Proha Plc's Board of Directors has decided to approve the acquisition and when Proha has conducted the share emission. South Korean subsidiary of PMsoft has a minority shareholder with a 25% holding. Proha is also negotiating over purchasing this minority. PROHA IN A NUTSHELL Proha is a fast growing, profitable, internationally operating software and services company. Proha concentrates on management in the Internet age. The key business areas are Project Management, Financial Management and Internet Technologies. The pro forma net turnover of Proha Group is over FIM 500 million. Over 4/5 of the net turnover originates from outside Finland. After the acquisition, Proha Group employs over 600 people over 400 of which work in the United States, Great Britain, France, Germany, Italy, Japan, Singapore, Hong Kong and Korea. Proha Plc Pekka Pere CEO More information PROHA PLC CEO Pekka Pere, tel. +358 20 4362 000 pekka.pere@proha.fi http://www.proha.fi DISTRIBUTION: Helsinki Stock Exchange Major Media ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2000/10/04/20001004BIT00390/bit0001.doc http://www.bit.se/bitonline/2000/10/04/20001004BIT00390/bit0002.pdf