KUALA LUMPUR: Berjaya Retail Bhd (B-Retail), enroute for listing on the Main Board of Bursa Malaysia in mid-August, plans to invest RM37.5 million to open 150 new 7-Eleven convenience stores nationwide.
Another RM15 million will be spent to set up 100 Singer branches and sales agent shops, its director Datuk Azlan Meah said on Wednesday, June 30.
He said consumer confidence was improving in tandem with the economic recovery, thus aiding the growth of its subsidiaries, 7-Eleven Malaysia Sdn Bhd and Singer (Malaysia) Sdn Bhd.
"The listing of Berjaya Retail will enable us to further capitalise on the ever-growing business opportunities in Malaysia.
"Both 7-Eleven and Singer are established brand names in Malaysia. The 7-Eleven has been in Malaysia since 1984 while Singer is more than 100 years old," he said at the company's prospectus launch.
To date, Singer has about 560 branches, 3,500 sales agents and sales agent shops nationwide. The company planned to increase Singer branches and sales agent shops to 1,000 in the next five years.
The 7-Eleven, with 1,127 stores and 38 7-Eleven franchisees, aims to secure another 1,000 franchisees this year.
Berjaya Retail's initial public offering (IPO) is expected to raise between RM38.44 million and RM53.44 million in gross proceeds.
The IPO of a minimum of 71.87 million and up to 101.87 million ordinary shares of 50 sen each at an offer price of 50 sen per share comprises the offer for sale of a minimum 61.87 million shares.
A total of 91.87 million shares have been reserved for Bumiputera investors. - Bernama
Another RM15 million will be spent to set up 100 Singer branches and sales agent shops, its director Datuk Azlan Meah said on Wednesday, June 30.
He said consumer confidence was improving in tandem with the economic recovery, thus aiding the growth of its subsidiaries, 7-Eleven Malaysia Sdn Bhd and Singer (Malaysia) Sdn Bhd.
"The listing of Berjaya Retail will enable us to further capitalise on the ever-growing business opportunities in Malaysia.
"Both 7-Eleven and Singer are established brand names in Malaysia. The 7-Eleven has been in Malaysia since 1984 while Singer is more than 100 years old," he said at the company's prospectus launch.
To date, Singer has about 560 branches, 3,500 sales agents and sales agent shops nationwide. The company planned to increase Singer branches and sales agent shops to 1,000 in the next five years.
The 7-Eleven, with 1,127 stores and 38 7-Eleven franchisees, aims to secure another 1,000 franchisees this year.
Berjaya Retail's initial public offering (IPO) is expected to raise between RM38.44 million and RM53.44 million in gross proceeds.
The IPO of a minimum of 71.87 million and up to 101.87 million ordinary shares of 50 sen each at an offer price of 50 sen per share comprises the offer for sale of a minimum 61.87 million shares.
A total of 91.87 million shares have been reserved for Bumiputera investors. - Bernama
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