Mytech to diversify into moneylending business

PETALING JAYA: Mytech Group Bhd is proposing to diversify its existing business to include moneylending business activities.

The company is principally engaged in the manufacture of precision springs, moneylending services, as well as management services and rental of properties.

In a filing with Bursa Malaysia, Mytech said it has been operating its moneylending business through its wholly-owned subsidiary GW Premium Capital Sdn Bhd, which holds the moneylending licence, over the past few years.

“The proposed diversification will provide an opportunity for the group to further expand its moneylending business, while reducing its reliance on the manufacturing business.”

Mytech noted that in times of economic downturns, interest income generated from these loans can serve as a consistent source of revenue, hence enhancing overall financial performance and resilience.

“The expansion of the moneylending business would allow the group to tap into new market segments and customer demographics, further expand the market reach and enhance its brand visibility.”