The Hindu Business Line : Ontrack Systems to pay 10 pc

THE shareholders of business solutions provider Ontrack Systems Ltd recently approved a 10 per cent dividend for 2004-05 at the company's 17th annual general meeting.

Commenting on this, Mr B. Hari, CEO & MD, said that the company which made its first public offer in 2000, had paid dividend for the last four years.

Last month, the board of directors recommended a bonus issue in the ratio of 1:2. This is the first bonus issue of Ontrack Systems.

On the growth plans, Mr Hari said the company had embarked upon a Buy-and-Build strategy. "This, we think, is our way forward for achieving critical size and we are in advanced stages of negotiations with two overseas companies for acquisition," he added.

Ontrack Systems had recently converted its Dutch joint venture, Ontrack Systems BV, Holland, into a subsidiary. "Our Holland operations have started generating revenue and this will be reflected in our results from the next quarter," Mr Hari added.

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