皇冠手机管理端:SMTrack proposes to diversify into property, O&G and F&B businesses
KUALA LUMPUR: SMTrack Bhd has proposed to diversify into three new businesses, namely property, oil and gas (O&G) as well as food and beverages (F&B).
In a filing with Bursa Malaysia, SMTrack said the proposed diversifications are in line with the group’s objective to expand its revenue stream by diversifying into other viable businesses.
"We believe that by venturing into the property related industry, it should provide the group an extra revenue stream and earnings base given the optimistic outlook within the property development sector.
"The sector is gradually recovering from the pandemic following the reopening of the economy and country borders,” it said.
SMTrack also noted that by venturing into the support services for the O&G industry, it can improve the group’s financial performance and also reduce its dependence on the existing businesses.
On the F&B business, SMTrack said the segment is envisaged to be one of the group’s stable business.,
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The F&B segment is expected to contribute positively to its earnings considering the profit guarantee provided under the share sale and purchase agreement (SSPA) and the favourable outlook and prospects of the F&B service industry, said the company.
On June 23, 2022 - its wholly owned subsidiary SMT Turbojet Resources Sdn Bhd has been appointed a project management consultant to assist Menara Rezeki Properties Sdn Bhd (MRPSB) in a project involving a proposed development of three high-rise buildings which consist of both residential and retail units.
"We acknowledge that SMTrack has no prior experience in property related businesses such as property development, property management and construction business. Therefore, SMTrack proposes to engage ESA International Sdn Bhd to jointly undertake the scope of work under the Property Consultancy Agreement considering the experience of ESA International and its subsidiaries (ESA Group) in property related projects," it said.
ESA Group is principally involved in the provision of consulting services for all areas of civil and structural engineering.
On the O&G segment, SMT Turbojet had entered into a Project Consultancy Agreement with Eight Safety Consultancy Sdn Bhd (8SC) as the administrative consultant for petroleum O&G industry safety product purchase process or any traceability solutions compatible with the system to the targeted end users.
It said SMTrack Group currently does not possess sufficient experience, expertise and capability to carry out its entire obligations under the O&G Consultancy Agreement in relation to the Health, Safety, Security and Environment (HSSE) consultancy project secured by 8SC as it was SMTrack Group’s first foray into providing consultancy service for O&G industry.
"In view of the foregoing, SMTrack Group proposes to engage Plant & Power Engineering Sdn Bhd (PPESB) to jointly undertake SMT Turbojet’s obligations under the O&G consultancy agreement in relation to the HSSE consultancy project given its expertise and experience.,