PETALING JAYA: Tek Seng Holdings Bhd
is proposing to diversify its existing businesses to include property investment.
In a filing with Bursa Malaysia, the company said that over the past financial years, its revenue was primarily derived from the PVC business, which accounted for approximately 94% of the group’s total revenue on average.
Additionally, it said that revenue and profit from the photovoltaic solar business remained relatively flat with minimal potential growth mainly due to competition from China.
Tek Seng said the proposed diversification is part of the group’s strategic plan to enhance profitability in the long-term and to provide shareholders with better returns.
“The group began its property investment business in 2019 with the aim to provide new sources of income streams as well as at the same time, reducing the reliance on the existing manufacturing and trading operations.
“The property investment business also serves as a platform for the group to embark on other viable properties in the future or, as and when such opportunities arise.”
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