EftNet moves to strengthen ties

PERTH-based eftpos service provider EftNet has listed on the Australian Stock Exchange.

It had to close its share offer after receiving applications for almost double the $3.45 million it planned to raise by the issue of 17,250,000 20 cents shares.

EftNet was the first initial public offer to accept credit card payments for shares, with more than 20 per cent of buyers choosing this option.

The company has furthered its relationship with Globe Securities following a recent visit to Perth by a delegation from Zhongshan, China.

Globe Securities has a strong association with Zhongshan Torch High and New Tech Development Company Ltd (Torch), a Beijing-listed company.

Torch’s major shareholders are the Bank of China, the Construction Bank of China and the Agricultural Bank of China.

Globe Securities has the advantage of being owned by the controllers of the Zhongshan Development Zone who, according to industry sources, represent the real power in Zhongshan. The company is interested in introducing EftNet’s products to China.