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| Sunday, 8 February 2004 |
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MIT targets inclusion in a foreign stock exchange by Hiran H.Senewiratne Internationally renowned Millennium Information Technologies (MIT) is looking at the possibility of getting listed in an international stock exchange in the near future . Failure to have a fair representation of IT companies in the Colombo Stock Exchange (CSE), has forced MIT to remain out of it, said MIT Chief Executive Officer (CEO) Dr Anush Amarasinghe. "We have plans for our company to be listed in a foreign stock exchange in the near future", said Dr Amarasinghe. At present not a single IT company is listed in the CSE, and this is indeed deplorable, he added. "Right now we are not in a position to get ourselves listed in the CSE,because we cannot create value for our stakeholders", he said. For its eligibility there should be at least five IT companies, which would enable to benchmark MIT with those companies, he added. Leading stock exchanges such as USA, Singapore, India and Malaysia (Nazdaq) have been selected but MIT will choose the best exchange for that purpose, he hinted. CEO said that "we have not yet decided on what country to go for the listing of the MIT". However,market speculations show that the company is worth Rs 2 billion. The CSE's automation was also done by MIT. The company started as a small IT company and hit headline when it successfully provided software solutions for Boston (USA) and Malaysia stock exchanges in the recent past. The company had also provided software solutions for three US stock exchanges upto now, he said. Dr Amarasinghe said that MIT also provided software solutions for Mauritius Island and Croatia stock exchanges.Currently it is attending the Nairobi stock exchange in Kenya. According to Dr Amarasinghe providing business automation services for international stock exchanges is the main source of business of the company. The company now claims to be the best software provider for stock exchanges in the world.Its main competititors are from Australia and Sweden. MIT was the first IT management company in Sri Lanka to be established in 1996. The company has currently offices in Boston (USA) and Singapore.MIT which has a well trained workforce of 200 is now situatated at Malabe. |
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