Egg firm Chew's Group will be a Singapore egg business no more.
The company said yesterday that it would seek shareholders' approval to change its name and diversify its business, following the cessation of its business of producing and selling generic and designer eggs as well as liquid eggs, trading of spent grains and food processing in Singapore.
This comes after it completed the sale of four units: Chew's Agriculture, Chew's Engineering Services, Chew's Group Investment and Chew's Group Marketing.
Its only remaining subsidiary is Chew's Food International, whose core business is the trading of generic and designer eggs and other food products in Hong Kong.
The firm is proposing to convene an extraordinary general meeting to obtain its shareholders' approval to change its name to OneApex and to diversify into the property and financial investment services businesses.
Chew's Group said the property business would consist of investments in various properties for rental income and/or capital growth; the management of various properties, with a focus on hotels, hostels and food and beverage outlets; and property development activities including the acquisition, development and/or sale of commercial and residential properties and hotels.
The company said it intends to focus its efforts in Singapore, initially, "because the management team is familiar with and has a wide network of business associates to leverage in seeking out profitable opportunities in Singapore's property industry".
As for financial investment services, it intends to go into fund management, wealth management and family office advisory services.