KUALA LUMPUR: Jade Marvel Group Bhd has proposed to diversify its business into mining, sale and trading of iron ore, dolomite, sand and other minerals.
Jade Marvel is principally involved in four main business segments namely, investment holdings; manufacturing, property development and money lending.
In a filing with Bursa Malaysia, Jade Marvel said the proposed diversification was in line with the group’s objective to expand its revenue stream by diversifying into the new business to enhance shareholders’ value in the long term.
“The board anticipates that the new business will potentially contribute 25% or more of the group’s net profit and/or result in a diversion of 25% or more of the group’s net assets,” Jade Marvel said.,
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Additionally, the group said it will continue to seek new viable mining contracts and leases and explore joint venture or cooperation opportunities with business partners to undertake mining and mining-related activities and explore the sale and trading of other minerals.
The group said it intends to fund the new business through internally generated funds.
It intends to commence the mining operations upon successful discovery of high mineralisation and high-grade iron ore in the remaining Kuala Krai Land subject to a satisfactory geology report and feasibility study hence no additional capital outlay is required at this juncture.
Jade Marvel said for the past three financial years, the revenue of the manufacturing segment has been declining mainly due to the interruption of business operation as a result of the Covid-19 outbreak while the revenue of the property development segment has been increasing due to the recognition of the revenue for the joint venture project in Simpang Ampat.
The proposed diversification is subject to the approval of its shareholders at an EGM to be convened. It is expected to be completed by the third quarter of 2022.