PETALING JAYA: Timber products company NWP Holdings Bhd will be diversifying at the automotive and property management and development businesses as it sets to ink two new deals that will see it venture into new businesses by tapping into the expertise of its directors.
A source said that in the automotive business, NWP is looking to provide the procurement and maintenance of motorcycles for a prominent food delivery business.
In that business, NWP would tap into the connection and expertise of executive director Datuk Chu Boon Tiong.
He is currently an executive director of Industronics Bhd.
Industronics is mainly engaged in the manufacturing and trading of electronic technology products and accessories.
Through Chu, NWP recently clinched a deal with the well-known food delivery service provider to provide their delivery-partners the ease of utilising motorcycles in their daily business.
NWP will acquire a company that sells various brands of motorcycles and will sign an agreement with the food delivery service provider by the end of this month.
NWP will provide a wide suite of services in that venture with the food delivery company which includes road tax renewals, insurance, loans and motorcycles repairs and maintenance, said the source.
In the property management and development business, that venture ties in with the lifting of the suspension of its group CEO Datuk Seri Kee Soon Ling, who was reinstated following the acceptance of his written explanation over an alleged breach of fiduciary duties.
“The board takes the view that the lifting of Kee’s suspension is crucial to the company’s upcoming plans, ” said NWP in a statement to Bursa Malaysia last week, indicating the role he will have in the new business direction of the company.
“The company will also make a further announcement regarding the status of its pending litigation against Datuk Seri Kee Soon Ling in due course.”
Kee is said to have experience in the property industry where he is a director of a large local real estate agency GS Realty Sdn Bhd.
GS Realty has offices and representatives throughout Malaysia and partners in Asean countries.
He is expected to bring in property management and development projects to NWP and through Kee, NWP has bagged two property management projects in Kuala Lumpur and Pagoh, Johor. NWP is expected to sign an agreement with the property management companies this month too.
NWP shares closed at 24 sen last Friday but have risen strongly in recent weeks from a low of 14 sen on Nov 26.
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