MyTech Group Diversifies Into Moneylending Business

KUALA LUMPUR, Nov 6 (Bernama) -- MyTech Group Bhd has undertaken a proposed diversification of its existing business and that of its subsidiaries (group) to include moneylending activities.

The investment holding company said in a filing with Bursa Malaysia today that it had begun operating in the moneylending business through GW Premium Capital Sdn Bhd (GWP), a wholly owned subsidiary of MyTech, which holds a moneylending licence issued by the Ministry of Housing and Local Government.

“The proposed diversification will provide an opportunity for the group to further expand its moneylending business while reducing its reliance on the manufacturing segment.

“In times of economic downturn, interest income generated from these loans can serve as a consistent source of revenue, thereby enhancing overall financial performance and resilience,” it said.

The company added that the expansion of the moneylending business would allow the group to tap into new market segments and customer demographics, further expand its market reach, and enhance brand visibility.

“Premised on the above, the board is of the view that the proposed diversification will add value and contribute positively to the group’s future growth, thereby enhancing shareholders’ value,” it said.

M&A Securities has been appointed as the principal adviser for the proposed diversification, which will take effect upon obtaining the approval of shareholders at the forthcoming extraordinary general meeting.

-- BERNAMA