Yunnan Energy diversifies into construction materials trading
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YUNNAN Energy International, which mainly distributes laboratory instruments and life science equipment, is starting a new business in trading and supplying construction materials and medical devices.
The mainboard-listed company said on Monday that it has been exploring new business opportunities in order to generate higher returns for shareholders. This new business "represents a good opportunity for the group to further develop and diversify its existing trading business, which will potentially improve the group's business operations and financial position", it said.
On Monday, Yunnan Energy's wholly-owned subsidiary, Shenzhen Yunneng International Supply Chain Limited, entered into agreements with two companies in China - one to sell Shenzhen Yunneng construction material and the other to purchase construction material from Shenzhen Yunneng.
Shares of Yunnan Energy closed unchanged at S$0.129 on Monday.
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