KAZ to Buy AAS from AMP

KAZ Computer Services Ltd has revised its profit forecast after announcing plans yesterday to acquire Australian Administration Services Pty Ltd (AAS) from AMP Life Ltd for A$75 million.

As part of the acquisition of AAS, which is Australia's largest administrator of superannuation funds, KAZ will expand its outsourcing contracts with AMP winning a $70 million agreement over six years.

As a result KAZ expects company profits to increase from $9.2 million in 2000 to $24 million in 2001 reaching $39 million in 2002.

AAS provides outsourced solutions for 36 blue chip superannuation funds with over four million individual members.

Upon completion of the transaction AMP will become a 6.4 per cent shareholder in KAZ.

The company's managing director Peter Kazacos said the three new outsourcing contracts with AMP makes KAZ the largest outsourcer of mid-range systems in Australia.

"KAZ is in a very strong position to fund future growth and plan to expand the customer base of AAS beyond Australia; only recently we won a long term administration contract with the Thai Government," he said.

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