Friday 29 Mar 2024
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SINGAPORE (Dec 12): Singapore eDevelopment (SeD) on Monday said it is planning to diversify into the biomedical business.

SeD said in an SGX filing that it plans to diversify into the developing, researching, testing, manufacturing, licensing and distributing, and services in the area of biomedical science, biomedical healthcare and biotechnology.

The proposed diversification is subject to shareholders’ approval.

SeD says this is “part of its asset-light approach to business expansion and corporate recovery”.

SeD on Nov 18 had announced that it has incorporated wholly-owned subsidiary SeD Biomedical International, which is involved in investment holdings in the biomedical sector.

SeD also announced that it intends to work with Global Research and Discovery Group Scientific (GRDGS) to develop a natural-based therapeutic formula for the treatment and prevention of neurological disease.

GRDGS will assign its biomedical intellectual property to SeD BioMedical, an 80%-owned subsidiary of SeD Biomedical International.

Meanwhile, SeD says the company’s proposal to diversify into the property development business has been approved by shareholders at an EGM on Nov 20.

SeD on Monday says it now seeks shareholders’ approval to further broaden the scope of its property development business to allow more flexibility to seize business opportunities in the property sector.

SeD says it plans to expand the scope to include engaging in building and construction activities including architectural and design services; providing property management and realtor services; and providing services related to home ownership such as acting as a broker for the provision of mortgage loans, home and title insurance services.

Separately, SeD on Monday also announced the disposal of its 19.0% stake in Fanss MORE Group by wholly-own subsidiary Singapore Construction & Development for HK$4.76 million (S$0.88 million).

SeD says the disposal is not expected to have a material impact on the company’s consolidated net tangible assets or earnings per share for the financial year ending Dec 31, 2016.

Singapore eDevelopment last closed at 4 Singaporean cents on Dec 9.

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