To revive their fortunes, precision engineering firms need to diversify
A HANDFUL of Singapore-listed precision engineering companies have been stuck in a rut over the years, with the decline in hard disk drive manufacturing. But some are reinventing themselves by diversifying into new products and even industries.
Take Allied Technologies, for instance; after disposing of its metal stamping business in China late last year, the company obtained shareholders' approval in March to diversify into e-commerce and related technologies such as e-payment systems and platforms.
It swiftly followed up with the new mandate by acquiring stakes in related companies such as event ticketing firm Asia Box Office, Software as a Service (SaaS) platform Activpass Holdings and China payments provider 8travelpay Intelligence & Technology (Shanghai) Co.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
S&P slashes Boeing credit outlook as rating hovers above junk status
Honda to spend US$11 billion on EV strategy in Canada
GlaxoSmithKline sues Pfizer and BioNTech over Covid-19 vaccine technology
Mapletree Industrial Trust Q4 DPU rises 0.9% to S$0.0336
Nasdaq’s profit falls as shaky economy keeps IPO revival elusive
iFast Q1 net profit surges on ePension unit performance