KUALA LUMPUR (May 2): Aldrich Resources Bhd said it is reconsidering an earlier plan to diversify into dolomite and gold mining, and has suspended these operations for the time being.

The suspension of the business, which it had entered in May 2023, is “pending further compliances of necessary guidelines and requirements”, Aldrich said in a filing.

Aldrich has spent some RM2.85 million — initially raised via a private placement exercise to part fund its other ventures, namely software and microcredit platform development — on the business.

The group is also diversifying into money lending, which it has spent RM3 million on and will invest another RM3.71 million in, following the latest changes in its proposal.

Aside from the above, Aldrich is involved in the business of providing computerised maintenance management systems and fintech solutions, as well as corporate secretarial and share registration services.

Aldrich’s net loss widened to RM1.14 million in the financial year ended Dec 31, 2023 (FY2023) from RM440,000 a year earlier, dragged by wider losses in its software development segment as well as lower profit from its corporate secretarial and share registration services segment, coupled with a RM1.26 million loss in the mining business in the fourth quarter.

The weaker performance was despite revenue rising 46.8% to RM11.6 million, from RM7.9 million.

Aldrich has no substantial shareholder, according to its annual report. The largest shareholders as at April 1, 2024 are Welmax Capital Sdn Bhd (4.49%), Wealthmax Assets Sdn Bhd (4.35%), Khoo Chee Siang (3.49%), Lemuel Tay Kuang Yang (3.29%), and Chow Dai Ying (3.23%).

Aldrich’s shares ended half a sen lower to three sen, giving it a market capitalisation of RM29.26 million.