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Keith John sells Malaysian business

PERTH debt collection specialist Keith John has sold his Malaysian business to Credit Corp Group, six months after selling his Australian business to the same purchaser. Mr John was a founder and majority shareholder in Pioneer Credit Management Services Sdn Bhd, which was originally established in 1999. He also established an Australian business with the same trading name in the 1990s. Both businesses were acquired by RMG Ltd as part of a wave of rationalisation in the debt collection industry, but RMG subsequently ran into financial and operational problems. Mr John restarted Pioneer Credit in Australia in 2003 and sold the business a second time, to Credit Corp, in July 2006. He and his partners bought back the Malaysian business in November 2005 and upgraded its technology platform, which is run from Australia, and have now sold that business for a second time. Credit Corp did not disclose the consideration for the two purchases, but did restate its 2007 net profit guidance of $18 to $19 million. The Sydney-based group employs 60 staff in WA, while the Malaysian business has 55 staff. Mr John remains an employee of Credit Corp as its head of strategic business.

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