You are here
Serial System diversifies into durian business
ELECTRONIC components distributor Serial System is diversifying into the durian business.
In an announcement on Monday evening, the group said that a wholly owned subsidiary, Serial System International (SSIPL), and its CEO, Derek Goh, has entered into a joint venture agreement with an individual called Ting Ding Ing.
The newly incorporated JV company, Bast Investment Pte Ltd, has agreed to subscribe for 10 shares in Musang Durian for RM10 million (S$3.17 million) ringgit.
Musang Durian is engaged in the business of manufacturing, processing, trading and exporting durian puree and durian-related products.
These shares represent half of the enlarged issued and paid-up share capital of Musang Durian upon completion of the subscription. SSIPL will hold an effective interest of 27.5 per cent in Musang Durian.
Serial System said its directors believe the proposed subscription will provide additional income streams for the group.