SINGAPORE (Jan 9): Chew’s Group on Tuesday will hold an extraordinary general meeting (EGM) to propose a company name change to OneApex, diversification of its business and adoption of the IPT (interested personal trasanctions) general mandate.

Following its disposal of Chew’s Agriculture, Chew’s Engineering Services, Chew’s Group Investment and Chew’s Group Marketing on Apr 20 2018, Chew’s Group has ceased its business of producing and selling generic and designer eggs, liquid eggs, trading of spent grains and food processing in Singapore.

Currently, Chew’s Food International is the group’s only remaining subsidiary, whose core business is in trading generic and designer eggs and other food products in Hong Kong. Hence, the group intends to diversify its business to include property business, as well as financial investments services business.

Chew’s Group intends to focus its property business efforts initially in Singapore as the management team is familiar with and has a wide network of business associates to leverage in seeking out profitable opportunities in the local property industry. This business may expand overseas when suitable opportunities arise.

The property business is expected to help the group enhance its profitability, shareholder value and returns through the introduction of possible recurring rental income and/or management income, and capital gains.

Meanwhile, the financial investments services business will consist of fund management, which means managing the property of, or operating a collective scheme, or undertaking on behalf of customers the management of portfolio of capital market products, as well as wealth management and family office advisory services.

This business will be operated through a new vehicle or vehicles for the purpose of risk management.

The financial investments services business is expected to work synergistically with the property business by allowing the group to leverage and benefit from the access to additional avenues of both investment opportunities and capital for the group to both invest and be invested in.

The proposed diversification into both businesses will be mostly funded through internal funds and/or borrowings from financial institutions. As and when needed, the group may explore secondary fund-raising exercises.

However, since the group has no prior experience in the property business, it is anticipated that the group will engage in various contemplated associates to provide various related services. It also intends to leverage on its familiarity with contemplated associates to provide relevant financial investments services for an extra source of revenue.

The services to be obtained from and/or provided to the contemplated associates are expected to contribute a majority of the group’s revenue and/or costs for the property business and the financial investments services business.

As such, the directors are seeking shareholders’ approval for the proposed adoption of the IPT general mandate.

In light of this proposed diversification, the board believes that it would be appropriate to adopt a new name to reflect the change in focus of the business operations and to allow business partners to better identify with the company going forward.

The proposed name change will now affect the identity or legal status of the company or any of its rights and obligations and the trading of its shares on the Singapore Exchange (SGX). It will also not affect any of the shareholder’s rights or the group’s business operations.

Shares in Chew’s Group are currently suspended and last traded at 21 cents.