2 weeks ago
1 
PETALING JAYA: Wintoni Group Bhd has proposed to ratify the diversification of its current business into the trading and sale of chemco products via an online chemical procurement business platform under the business-to-business (B2B) segment, in an effort to generate long-term growth.
Chemco products are industrial chemical compound products such as polypropylene resin, acrylonitrile butadiene styrene resin and waste electrical and electronic equipment raw materials.
In a Bursa filing, the group said the diversification would involve the application of the big data-based artificial intelligence, consultancy services, provision of general B2B and business-to -consumer (B2C) trading through e-commerce platforms and internet social media, provision of platforms for B2B and B2C mobile artificial intelligence system providers, provision of mobile voice and data interchange services, provision of source code, rights and integration of CMS as well as the business of telecommunications reselling and third-party telecommunications providers.
To recap, Wintoni and its past subsidiaries, namely, Wintoni Engineering Sdn Bhd (WESB), Syscomp Technology Sdn Bhd (STSB) and Planet Wireless Holding Ltd (PWHL), which were engaged in the provision of wireless mobile application business, had ceased operations in October 2017 due to a shareholders’ dispute.
On Aug 17 2017, Wintoni was wound up by the High Court, but the winding-up order was terminated on Sept 17, 2019. The three subsidiaries were disposed of on Feb 17 2020 and Feb 27, 2020 respectively.
Following the termination of the winding-up order, the group diversfied into the trading and ICT business in November 2019 via its subsidiaries, Teampixel Sdn. Bhd (TPSB) and Teampixel E-Commerce Sdn Bhd (TESB).
“The board is optimistic that the group has sufficient capabilities and expertise to grow the trading and ICT business by leveraging on its business networks and track record as well as the expertise of the key management personnel of TPSB and TESB.
“Given the positive outlook of the ICT as well as the plastic and plastic recycling industry in Malaysia, the group believes that the trading and ICT business is expected to have stable and strong growth prospects and will be beneficial to the group’s future earnings,” it said.
Premised on this, Wintoni said it views the diversification as a viable means to provide an opportunity for diversification in ICT sector with additional streams of revenue and income with no significant risk to the group financially or otherwise.
The proposed ratification is subject to shareholders’ approval at its coming extraordinary general meeting, and is expecteed to be completed in the first quarter of 2021.
English (United States)