JobStreet Corporation Berhad (“JobStreet”), a leading online recruitment company in the region, en route to a listing on the Mesdaq market of Bursa Malaysia, highlights in its prospectus that the Group has achieved a pro-forma consolidated profit after tax of RM 4.0 million during the first 6 months of 2004 on turnover of RM 16.2 million, surpassing last years’ total profits by almost 50%. Its net profit margin for the first six months of 2004 has also increased to 25% versus 14% for the full year of 2003.

Summary of Financials

Mark Chang, CEO of JobStreet says in conjunction of the company’s prospectus launch today: “The online recruitment market is a lucrative and vibrant market for JobStreet throughout the region. Over the last three years, we have experienced an average sales growth for the Group of almost 50% per year. And our financials clearly reflect the proven acceptance of our business model despite the ups and downs of the employment market.“

He adds: “As evidenced by our track-record, our business has generated strong growth and good profits. Historically, this has primarily been driven by our Malaysian operations. Now, our investment in regional operations has started to contribute profits totaling approximately 20% of earnings before interest, depreciation, tax and amortization. As such, we have never been in a better position to IPO. “

Mark adds: “JobStreet will raise approximately RM9.7 million for working capital, listing expenses and capital expenditure to expand the Group. I would like to invite the Malaysian public to participate as a shareholder in JobStreet.com's business of improving people's lives through a better career.”

The Group has also recently announced the appointment of Datuk Ali Abdul Kadir, 55, the former Securities Commission chairman as its Independent Non-Executive Chairman of JobStreet Corporation Berhad. At the same time, JobStreet also announced the appointment of ex-Bank Negara Deputy Governor, Tan Sri Dato' Dr Lin See Yan, 65, as an Independent Non-Executive Director.

The IPO of JobStreet involves the public issue of 18.0 million new ordinary shares of RM0.10 each at an issue price of RM0.54, which has been approved by the relevant authorities including the Securities Commission (SC) and Bursa Securities. It will consist of the following:

• 3.0 million Shares by way of application by public;
• 6.0 million Shares will be made available for application by the eligible directors and employees and/or other persons and companies contributing to the success of the Group; and
• 9.0 million shares will be reserved for private placement to selected investors, which have been identified.

The enlarged share capital of the Company upon listing is 201,000,000 shares of RM0.10 per share

JobStreet Corporation Bhd. was incorporated in Malaysia on 6 Feb 2004. On 30 Sep 2004, JobStreet acquired a 100% interest in JobStreet.com Pte Ltd which along with its subsidiaries, owns and operates the JobStreet.com online recruitment websites covering the employment markets in Malaysia, Singapore, India and Philippines. The Group currently services over 15,000 corporate customers and over 2.8 million jobseekers.