Hygrovest Ltd (ASX:MMJ) is the new name for MMJ Group Holdings Ltd with the specialist investment company also having a new ticker ‘HGV’.
The change of name was approved by shareholders at a virtual annual general meeting on December 17, 2021.
Also at the AGM, shareholders approved a broadening of the company’s investment mandate, removing a restriction that limited the company’s investments in non-cannabis assets to 25% of its total assets.
Broader investment mandate
This will better allow the company to focus on producing capital growth for shareholders over the medium to long term from investments in listed and unlisted equities and other financial assets from a broad range of investment sectors.
The company believes that there are opportunities to enhance returns to shareholders by diversifying o include strategic investments in sectors outside of cannabis.
READ: MMJ Group Holdings to broaden investment mandate and change name to Hygrovest Ltd
Hygrovest has already made significant steps over the past 12 months to diversify the portfolio through investments in the consumer branded products and healthcare sectors.
The board proposed the change of name on the basis that it believes the name more accurately reflects the future operations of the company in line with the broadening of its investment mandate.
About Hygrovest
Hygrovest is an Australian-listed specialist investment company that concentrates on producing capital growth for shareholders over the medium to long term from investments in listed and unlisted equities and other financial assets.
Investments are managed by Parallax Ventures Inc, a specialist management company in Canada, under a long-term strategic partnership.