MILUX Corporation Berhad held an EGM recently in relation to the proposed diversification of the existing core business of Milux and its subsidiaries to include provision of support services for the oil and gas industry and property-related services.
Group managing director Datuk Khoo Teck Kee is very confident of Milux’s new direction and new venture.
“This will boost the income of the Group, besides seeking new business opportunities,” he said.
The proposed oil and gas diversification will enable the Group to proceed with the collaboration with Petrofac Group while the proposed property diversification enables the Group to capitalise on executive vice chairman Datuk Wira Ling Kah Chok’s experience in the property industry.
The proposed diversification should expand the Group’s revenue stream and earning base, and reduce its dependence on the existing home appliance business, which in turn should improve the Group’s financial performance moving forward.
The board believes that the Group’s proposed venture into the oil and gas industry and property-related businesses should augur well, with the support of Petrofac Group and Ling respectively.