KUALA LUMPUR: MMAG Holdings Bhd
has proposed diversifying into financial services, including moneylending and hire purchase financing, alongside its existing businesses.
In a filing with Bursa Malaysia, the company also announced plans to expand into aviation and related services.
MMAG said the proposals align with its strategy to pursue new business opportunities and additional income streams to strengthen financial performance, drive growth, and enhance shareholder value.
"The proposals will provide the group with an additional income stream and are expected to augur well for the overall structure of our existing businesses moving forward, reducing reliance on the group’s current operations,” it said.
The group’s current operations will remain part of its core business after the diversification.
MMAG said the board sees this as a timely opportunity to enter financial services and aviation, capitalising on growth in Malaysia’s loan market and aviation industry.
The proposed aviation expansion will build on MMAG’s air freight operations, broadening its services to include ground handling for cargo and passenger aircraft.
These will cover passenger handling, aircraft services, ramp handling, and cargo operations, as well as related services such as aircraft leasing.
"Moving forward, the group will remain focused on pursuing its key long-term strategies to diversify its business interests, generating a sustainable revenue stream while maintaining steady growth,” it said.
MMAG added that the proposals will contribute positively to the group’s future earnings and earnings per share. - Bernama
