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Chew's Group to diversify into property and financial investments
EGG company Chew's Group will be a Singapore egg business no more.
The company said on Tuesday that it would seek shareholders' approval to change its name and diversify its business, following the cessation of its business of producing and selling generic and designer eggs, liquid eggs, trading of spent grains and food processing in Singapore. This comes after it completed the sale of four units: Chew’s Agriculture, Chew’s Engineering Services, Chew’s Group Investment and Chew’s Group Marketing.
Chew's Group said that its only remaining subsidiary is Chew’s Food International, whose core business is in the business of trading generic and designer eggs and other food products in Hong Kong.
The company is proposing to convene an extraordinary general meeting (EGM) to obtain its shareholders' approval to change its name to OneApex and to diversify into the property and financial investments services businesses.
Chew's Group said that the property business would consist of: investments in various properties for rental income and/or capital growth; the management of various properties, with a focus on hotels, hostels and food and beverage (F&B) outlets; and property development activities including the acquisition, development and/or sale of commercial and residential properties and hotels.
It said that it intends to focus its efforts in Singapore, initially, "because the management team is familiar with and has a wide network of business associates to leverage in seeking out profitable opportunities in Singapore’s property industry".
As for financial investments services, it intends to go into fund management, wealth management and family office advisory services. This aspect of the business would mainly be to "support the property business of the company by allowing the company to leverage and benefit from access to pools of capital and high net worth clients seeking investments opportunities".