SINGAPORE (Aug 21): Electronic components and consumer products distributor Serial System on Monday announced it is diversifying into the durian business to provide additional income streams for the group.

The group’s wholly-owned subsidiary, Serial System International (SSIPL), and its executive chairman and group CEO, Derek Goh Bak Heng, entered into a joint venture agreement for the newly incorporated Bast Investment (BIPL).

BIPL has agreed to subscribe for 10 new shares of Musang Durian for a total of 10 million ringgit ($3.2 million), which represent approximately half of the enlarged issued and paid-up share capital of Musang Durian.

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