Johannesburg - Aqua Online, the young information technology company that reverse listed into the Absec cash shell on the development capital board of the JSE in August, would list in its own right on the venture capital board today, the company said at the weekend.
Aqua Online, an independent provider of e-commerce and administrative support services, was formed in July last year through the merger of Aqua Online, Apshai, Lungile Web Solutions and UK company Global Admin.
It said it would now trade as Aqua, and had placed 130 million shares at an issue price of 70c each.
Jonathan Schneider, the group executive director of Aqua Online, said the company was not a dot.com and did not fall prey to the same threats facing the dot.com market.
``By taking an equity stake in our customers` business, we secure a regular flow of income based on transactional revenue that grows as our clients` businesses grow.
``This revenue stream added to our new business- and services-based income has ensured that Aqua Online has always operated as a profitable entity.``
The company said its offshore assets made up 75 percent of its revenues and more than 90 percent of its pretax profits were offshore, a number that Aqua expected to increase over the next few years.
It carried out development work in South Africa and used the exchange rate work to its advantage, maintaining ``substantial margins``.
When it listed as Absec last year, the share gained 12 percent on a 13 percent volume, and showed market interest. Absec has had a price-earnings ratio of 161 this year and has recovered from lows of 55c in January. It closed 5c stronger on Friday at R1,50.