1 Utopia to diversify to new, ICT-related biz

PETALING JAYA: Loss making 1 Utopia Bhd is set to unveil its business diversification plans in the first quarter of 2016, with a move to reduce dependency on the existing ICT retail business, which has been operating in a challenging environment.
Speaking to reporters after 1 Utopia's EGM today, executive director and finance director Kenny Khow Chuan Wah said the company is still finalising its business plans, which could involve a new or ICT-related, business.
In addition, he said the company is looking to expand its industrial and mobile hydraulic equipment business, which currently contributes only 5% of total revenue.
1 Utopia shareholders gave the greenlight for the proposed name change to "Sterling Progress Bhd"earlier, to reflect a new corporate identity.