Kuala lumpur: MyTech Group Bhd has announced a strategic move to diversify its business portfolio by venturing into moneylending activities. The company, along with its subsidiaries, will now include these activities as a core part of its operations.

According to BERNAMA News Agency, MyTech Group revealed in a filing with Bursa Malaysia that it has commenced its moneylending operations through GW Premium Capital Sdn Bhd (GWP), a wholly owned subsidiary. GWP holds a moneylending licence issued by the Ministry of Housing and Local Government. This initiative is seen as a way to expand the group’s business while mitigating reliance on its manufacturing segment.

In light of economic fluctuations, the interest income derived from moneylending is projected to offer a steady revenue stream, bolstering the company’s financial performance and resilience. The expansion is also expected to open new market avenues and broaden customer demographics, enhancing MyTech Group’s market reach and brand visibility.

The board expressed confidence that this diversification will enhance shareholder value by contributing positively to the company’s future growth. To facilitate this transition, M and A Securities has been appointed as the principal adviser for the diversification process. The proposal is subject to approval at the forthcoming extraordinary general meeting.