KUALA LUMPUR (March 25): ConnectCounty Holdings Bhd is planning to enter the film and music business via the set-up of a new unit.

This is not the first time the cable and connector maker had announced a diversification. On May 3 last year, it had revealed plans to diversify into the cybersecurity business following continued low margins from its core business in the interconnect industry, via a joint venture with LE Global Services Sdn Bhd. 

In a filing with Bursa Malaysia today, the ACE Market-listed ConnectCounty said it had on March 22 incorporated a new wholly-owned subsidiary called IBEX  Pictures Entertainment Sdn Bhd to develop, finance and produce screenplay, film, soundtrack and other media, talent management and business of merchandising in relation to film and music.

The incorporation is not expected to have any material effect on the group's earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholding for the financial year ending Dec 31, 2019, it added.

On March 8, ConnectCounty's major shareholders Peter Wong Pooi Fatt and his wife Lee Su Lin were appointed executive directors of the group. This follows the emergence of the couple, through their private investment vehicle Nexus Creative (Mal) Sdn Bhd, as substantial shareholders in ConnectCounty after acquiring 64.13 million shares or a 19.47% stake, via off-market trade on the same day.

According to ConnectCounty, Wong started his career as a music producer in 2001. Four years later, he established Nexus, a multimedia agency. "As his core background is in music and sound, over the past decade, he has written and scored music for movies, released two music albums and produced music for Discovery, Crime Investigation Channel, ASTRO and Tourism Malaysia," it added.

Meanwhile, Lee is said to have helped to set up ACE Pictures Entertainment LLC in California. Currently, she is a vice-president of business affairs at ACE Pictures.

ConnectCounty shares closed up 0.5 sen or 4.76% at 11 sen today, with 194,200 shares done, bringing a market capitalisation of RM34.58 million.