Food caterer Neo Group to diversify into property business with Boldtek JV

Operating in Singapore and Malaysia, Boldtek provides general building services, runs a precast manufacturing plant, and has a property development and investment business. It also has interests in soil investigation and treatment.

Besides, there are potential synergies, as the property-related assets under the new division may be leased to its existing food businesses so as to reduce possible rental disruption with third-party landlords. Another benefit of the proposed business is a more diversified business and income base, which will reduce reliance on the existing business, it added.

Boldtek did not have any property development projects in the pipeline as at Friday, and the segment accounted for just 1.8 per cent of group revenue in FY2019.

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