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RMG makes Asian move

By Phil Boeyen, ShareChat Business News Editor

Wednesday 27th December 2000

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Credit and receivables company RMG (NZSE: RMG) says its newly-acquired Malaysian businesses will fit comfortably into the company's network in Australia and New Zealand

RMG has purchased two Malaysian companies, Pioneer Credit Management Services and Receivables Management, as part of its strategy to expand into South East Asia.

CEO Paul Cooney says the businesses were established three years ago and are trading profitably.

"Experienced local management will continue to run the business, and RMG technology and business processes will be added to the existing range of services to take advantage of the growth opportunities in this rapidly changing market.

"Recent success with the signing of an agreement with Malaysia's state-owned power company, for the collection of overdue accounts matches work being done by RMG companies in NZ and Australia."

A new RMG subsidiary company, RMG International, will hold the assets of the newly-acquired companies.

Mr Cooney says the Malaysian companies have a December balance date and are expected to make a small initial contribution to results.

The transaction has been settled by the issue of 2.295 million RMG shares.

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