Cuckoo Malaysia to open 10 'Brandshops' within 2 years with RM5mil investment
KUALA LUMPUR: Cuckoo International (Mal) Bhd will invest RM5 million to open 10 "brandshops' in Malaysia within two years to serve as physical "cash and carry' shops in Malaysia.
The company is the local unit of South Korean appliance maker Cuckoo Homesys Co Ltd.
According to the company's prospectus, it targets to have the shops in Kuala Lumpur, Penang and Johor by this year, while the rest will be in Selangor, Melaka, Perak, Kelantan, Terengganu and Kedah by next year.
Cuckoo Malaysia chief operating officer Toh Seng Lee told a press conference after the company's listing ceremony here today that it has 263 "brandshops' nationwide, but they are only product demonstration centres.
"Our products need to be installed (at the premises), so it is not convenient for the customers to buy (cash and carry).
"We will also showcase our rice cooker, which is our prime product,' he said, adding that the product has an 87 per cent market share in South Korea. It will introduce it soon in the Malaysian market.
Meanwhile, Cuckoo Malaysia executive director and chief executive officer Bryan Yeong said the company will allocate RM10 million for market expansion in Singapore for two years starting this year.
"We have been (in Singapore) for six years and would like to expand our footprint," he said.
Cuckoo Malaysia made its debut on Bursa Malaysia's Main Market at RM1.09 with a one sen premium from its initial public offering (IPO) price of RM1.08, with 15.33 million shares traded.
Cuckoo Malaysia raised RM184.8 million from its IPO, with 56.7 per cent of the proceeds going towards product purchases to expand the company's rental business, and 21.6 per cent for debt repayment.
It will allocate 2.7 per cent to open retail outlets, 3.0 per cent for IT upgrades, 5.4 per cent for its Singapore expansion and the remainder for listing expenses, it said in its prospectus.
Cuckoo Malaysia is currently the second-largest player in the home appliance rental segment with a 23.1 per cent market share as of December 2024. - Bernama
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