MALAYSIA: Garment retailer planning overseas expansion
BharatTextile.com (subscription), India
KUALA LUMPUR: Garment retailer will be taking its operations overseas as it plans to acquire local retail companies that are already set in the foreign market.
The company is in talks with various parties. The company has a 600-member retail network and is expecting a double digit growth this year.
If the company concludes a merger or acquisition of a company then our growth will have no bounds, Chief executive officer Tho Tuck Woh said afer an extraordinary general meeting (EGM) on Wednesday.
He added that in three to five years the company expects to see 40% of its revenue to come from non-core businesses. The company is anticipating challenges in the form of greater competition.
Cheetah Holdings is hoping to capitalise on popular children’s wear brand from England, Ladybird, for which it recently acquired master licensee status. The company will relaunch the brand in the Malaysian market to medium to upper medium income consumers.
The company will also continue to expand its retail network which currently stands at 14 standalone outlets.
Cheetah Holdings shareholders passed the company’s proposed bonus issue of up to 43,098,000 new shares of 50 sen each to be credited as fully paid-up, on the basis of one new ordinary share for every two existing ones.
The company has moved one step closer to moving to Bursa Malaysia’s Main Board.
Cheetah Holdings is expected to transfer to the Main Board in mid-July.
