T7 Global ventures into clothing retail

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KUALA LUMPUR (Oct 8): T7 Global Bhd, which is mainly involved in engineering and oil & gas, has set up a new unit which will be involved in retail clothing.

In a bourse filing today, T7 Global said its wholly-owned subsidiary T7 Solutions Sdn Bhd had received the notice of registration for the incorporation of T7 Generations Sdn Bhd.

"The intended principal activity of T7 Generations is to be involved in retail sale of articles of clothing, articles of fur, clothing accessories, footwear and other retail sale of new goods in specialised stores," it said.

The incorporation of T7 Generations is funded by internal funds and T7 Generations is not expected to have any material effect on the earnings, net assets per share, gearing, share capital and substantial shareholders' shareholding of T7 Global for the financial year ending Dec 31, 2018, the group said.

Shares of T7 Global closed down 0.5 sen or 1.21% to 41 sen, with 933,700 shares done, for a market capitalisation of RM171.42 million.