Asiasoft acquires Malaysian gaming firm 21 Feb 2012 at 00:00 The SET-listed Asiasoft acquired the Malaysia-based online game provider CIB Development for 280 million baht in a drive to widen its business abroad. Asiasoft (AS) acquired 61.68% of Malaysia's market-leading firm last Wednesday, helping it to become the No.1 player in Malaysia with a 43% market share, up from its previous 17% share. The Thai online gaming firm will expand to the Philippines this year, said Pramoth Sudjitporn, Asiasoft's chief executive. He said the company plans to introduce four or five new wireless games by September to capitalise on the proliferation of smartphones and tablets. "We expect our revenue to grow by 25% this year following this acquisition and the new web service," he said. Last year's flooding cut Asiasoft's revenue growth to 10% from an expected 20%. In 2010, the company posted revenue of 1.5 billion baht. Mr Pramoth acknowledged the local online gaming market is mature and saturated. "We need to seek other revenue sources, especially from overseas, which now makes up 33% of our revenue," he said, adding that the company wants the proportion of overseas revenue to reach 50% by 2013. It operates in Singapore, Vietnam, Indonesia and Malaysia and plans to set up an office in the Philippines. Mr Pramoth said the company will introduce 13 new online PC games in the Thai market and 16 games abroad. Asiasoft recently signed a distribution agreement with Blizzard to distribute PC-based games. The firm also expects to gain revenue from both Thaiware Communication Co and Cybergames Corporation after it invested share capital in the Bangkok-based software development firms, said Mr Pramoth. AS shares closed on the SET at 14.40 baht, up 90 satang, in trade worth 11.3 million baht. Copyright © 1996 - 2015 The Post Publishing PLC.