More News
TELECOM & INTERNET | Staff Reporter, Singapore

Singapore eDevelopment restructures IT business amidst mobile app frenzy

It plans to further develop its chatroom app.

The Catalist-listed firm refuses to get left out of the mobile application bandwagon as it plans to restructure its IT business to provide continuing financial and managerial resources to its mobile application HotApp.

According to a press release by Singapore eDevelopment, it has decided to streamline and restructure the operations of HotApp by significantly reducing its development and marketing personnel and marketing activities over the next three months.

“Notwithstanding the operational restructuring, development and maintenance works will not be stopped entirely but it is envisaged that critical and essential programmes will continue to be streamlined until and unless new external funding can be secured,” the press release said.

Additionally, the group will also explore avenues of raising new funds for HotApp.

“Such funding, if any, will be raised via HotApp International Inc (“HTPN”), a 98.17% owned subsidiary of the Group in USA, which may result in dilution of the Group’s equity interest in HTPN,” the group said.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.