SCH Group is now known as Hextar Industries
KUALA LUMPUR: SCH Group Bhd has obtained its shareholders approval to change the company's name to Hextar Industries Bhd, reflecting the group's core business in the agricultural industry.
The company has recently proposed a rights issue exercise to raise as much as RM155mil.
Proceeds for the exercise will be utilised to reduce debts and expand the group's fertiliser business in outside its home market in Sarawak.
"The Board is of the opinion that the renaming exercise will allow the Group to markets its products and services in a better position under Hextar brand," chairman Datuk Chan Choun Sien said in a statement today.
The quarry equipment supplier acquired an 83.33% equity shares in PK Fertilizers (Sarawak) Sdn Bhd and 100% equity shares in TK Rentals Sdn Bhd in 2018.