Challenger Technologies' new unit to invest in new businesses

SINGAPORE - Mainboard-listed Challenger Technologies has set up a new unit called Challenge Ventures (CVPL), it said on Tuesday.

The unit will focus on investing in companies and businesses to complement Challenger's existing business.

CVPL was set up with an initial paid-up capital of $1 million, and may get more capital of up to $20 million in the future if suitable investments can be identified, said the firm.

The unit aims to invest in companies that will work in operate Challenger's digital ecosystem, and support the group's business operations.

Chief executive Loo Leong Thye said: "We are excited about what Challenge Ventures can offer to expand, grow and transform our current IT retail business into a digital lifestyle ecosystem encompassing retail, online, logistics, services and mobile marketplace.

We intend to look for suitable investments beyond brick-and-mortar retail businesses in order to expand our physical retail footprint as the largest IT retail chain store operator in Singapore."