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Advance SCT to expand into infrastructure engineering
ADVANCE SCT (ASCT), a supplier of copper-related products, plans to diversify into the business of mechanical and electrical (M&E) engineering for mission-critical infrastructure and systems.
The group has proposed to change its name to Citicode to reflect the change in business.
The proposed changes follow a strategic review conducted under the leadership of the company's new chairman and chief executive Teh Wing Kwan, who became a substantial shareholder of ASCT in July after he acquired a 28.7 per cent interest in the company.
ASCT had just been taken off the Singapore Exchange's watchlist and had previously announced that it would evaluate new investment strategies. Mr Teh was the group CEO and managing director of Sapphire Corp from 2013 to 2017, during which the company underwent "a major corporate restructuring and transformation plans", the group said.
ASCT wants to go into the highly specialised M&E and infrastructure engineering industry, including managing the supply chain and integrating or broadening the scope of M&E engineering projects to support smart facilities management and smart city applications, it said.
The company is also in the midst of evaluating various acquisition targets, exploring joint venture opportunities and discussing strategic collaboration structures. It is targeting projects in Singapore and South-east Asia.
In August, ASCT said that it had entered into a non-binding letter of collaboration with Tokyo Stock Exchange-listed Dai-Dan Co and N&T Engineering Enterprises to jointly explore and evaluate business opportunities in relation to M&E engineering works for mission-critical facilities and infrastructure in Singapore and other parts of South-east Asia such as Thailand.
The proposed business diversification and proposed name change are subject to the approval of shareholders to be obtained at an extraordinary general meeting at a later date.
ASCT shares last changed hands at S$0.001 on Monday.