Hosen Group, citing its &ldquo increasingly challenging and competitive&rdquo business of distributing and manufacturing fast moving consumer goods, wants to diversify into property investment business in Singapore, Malaysia and China.

 

&ldquo The Board is of the view that the property market is currently relatively stable,&rdquo the company says.

 

Hosen plans to keep its existing business &ldquo so long as its continuity is in the best interest&rdquo of shareholders.

 

The company plans to acquire and hold investments in residential, hospitality, commercial, industrial and other suitable types of properties.

 

It is also planning to go into property development, as well as the management of property-related assets, including facilities management, serviced apartments, student accommodation, dormitories, landscape management and car park management.

 

See also: Digilife Technologies poised to add property, timber, gold and fish farming in business diversification bid

 

Hosen will tap existing funds on hand but might raise additional capital via rights issues, placements or debt.

 

&ldquo The group has not committed to any specific business opportunity or investment under the property susiness as at the date of this announcement,&rdquo the company adds.

 

Hosen will hold an EGM to seek shareholders&rsquo go ahead.