KUALA LUMPUR: Complete Logistic Services Bhd (CLSB) has proposed for a change of name to Hextar Technologies Solutions Bhd, in line with its diversification into the information and communications technology (ICT) solutions and services, Bernama reported.

       In a filing with Bursa Malaysia, the company said it has been contemplating an alternative income stream to mitigate the risks of solely relying on the existing businesses..

       “The technology business is expected to generate additional sources of income for the group, as well as to diversify and expand the earnings base to reduce the sole reliance on existing businesses,” it said.

       The logistic service provider said the proposed diversification will include, among others, the Internet of Things, support and maintenance services for ICT infrastructure and software, and other related ICT business activities.

       Meanwhile, CLSB has entered into a share sale agreement for the disposal of 36 million ordinary shares and 18 million warrants in Classic Scenic Bhd with Hextar Group chief executive officer Datuk Ong Choo Meng for RM32.04mil.

       The proposed disposal is in line with the group’s strategic objective of realigning the group’s balance sheet to better reflect the future direction of the group, it said.

       “Based on the disposal consideration, the group is expected to record a pro forma gain of approximately RM2.65mil,” CLSB added.