- Jag, an electronic waste-recycling company whose core business is in recycling and manufacturing activities of extraction, production and refinery of ferrous, non-ferrous and precious metals via the recovery and reclamation of industrial and electronic waste, has proposed to venture into property development and property investment.
- Jag seeks to diversify its revenue sources and earnings through the venture, as well as to reduce the group’s reliance on its recycling business.
- Its subsidiary Jag Land has submitted a development order to the local council for a proposed mixed development project on its land in Klang, with an estimated gross development value of between RM155 million and RM170 million. It is in the process of preparing the submission of the building plans for approvals by the relevant authorities.
- Jap expects the property business to potentially contribute at least 25 percent or more of the group’s net profits.
Significance: Jap commented that it will continue to seek for more property development projects, and is in the midst of exploring with other parties to acquire more lands or to undertake other projects via joint ventures. Nevertheless, the group intends to continue with its existing electronic recycling business in largely the same manner.