KUALA LUMPUR: Formis Resources Bhd (FRB) is looking ahead to more opportunities following its shareholders' approval for its reverse takeover (RTO) of leading SAP solutions provider, ISS Consulting Solutions Bhd (ISS).

"The enlarged FRB Group with enhanced technical capabilities and financial resources is strongly positioned to pursue more opportunities in the information and communication technology (ICT) sectors locally and regionally," FRB executive vice-chairman and CEO Datuk Mah Siew Kwok said in a statement issued in conjunction with its EGM on Wednesday, March 17.

He said with initiatives and efforts undertaken by the government to boost the ICT sector, FRB also expected tremendous opportunities for the ISS Group's solution offerings, particularly from large private enterprise as well as the government and government-linked companies.

The RTO of ISS is via the injection of FRB's subsidiary Diversified Gateway Bhd (DGB) into ISS. As part of the corporate proposals, a total of 185.9 million ISS shares will be distributed to in-specie to FRB shareholders, on the basis of one ISS share for every FRB share held. After the distribution in-specie, FRB will hold 59.3% of ISS.

Mah said FRB group had contracts in hand amounting to about RM370 million as at Dec 31, 2009.

He said ISS would provide the FRB group with a platform to capitalise on growth opportunities in Asia, given ISS' growing presence and extensive customer base in Singapore, Thailand and Indonesia.