Wah Seong has divested its struggling plantation arm while TFP Solutions has entered Bangladesh via a joint venture with Maestrosoft Ltd.
Wah Seong offloads plantation unit
Wah Seong Corp Bhd intends to sell its plantation unit WS Agro Industries Pte Ltd to Agro Panorama Sdn Bhd for $6 million (RM24.46 million).
The disposal of WS Agro’s is meant to “streamline, realign and rationalise” its business activities while realising resources that are tied to non-core operations.
The divestment comes following Wah Seong struggling with the plantation arm, which has not been profitable.
TFP Solutions enters Bangladesh via JV
TFP Solutions Bhd is venturing into the Bangladesh software development market by forming a joint venture (JV) with a local IT solution company. The deal will see its wholly-owned subsidiary ProDserv Sdn Bhd own 55 per cent of the JV firm.
The remaining 45 per cent is held by Maestrosoft Ltd., involved in the software development business. Its major shareholders are Dr Kamrul Ahsan Md Zafarullah Patwary (65%) and Dil Afroze (35%).
TFP said it intends to expand its market reach to Bangladesh in order to capitalise on the country’s growing demand for technology solutions.