HRnetGroup unit secures S$1 million capital injection, licence for Kaohsiung expansion

MAINBOARD-LISTED HRnetGroup’s branch in Taiwan has secured a capital injection of S$1 million, along with a recruitment licence for its expansion into Kaohsiung, its 15th city of operation.

In a bourse filing on Wednesday (Dec 28), HRnetGroup said the S$1 million in share capital has already been injected by the company and its respective co-owners. The money is being used to fund the increased working capital requirements of the subsidiary, RecruitFirst Taiwan, and its branches in Taipei and Kaohsiung, it added.

As for the licence, which was obtained from the Labor Affairs Bureau of Kaohsiung City Government, it would allow the unit to perform domestic and international employment services within the ambit of relevant rules, it pointed out.

With the two developments, founding chairman Sim Yong Siang said the group “will continue to invest strongly in growth”.

Noting that HRnetGroup has the largest consulting force of more than 150 people in Taipei, Sim added that it was a “natural progression” for the group to extend its product offerings and services to clients in a city like Kaohsiung that has high potential for growth.

Shares of HRnetGroup closed flat at S$0.775 on Wednesday.