Latest news with #CuckooMalaysia
Pink Villa
09-07-2025
- Entertainment
- Pink Villa
Did Kim Soo Hyun sell Galleria Fore luxury apartment to pay for lawsuit expenses? Know truth amid Kim Sae Ron row
Amid ongoing legal battles, actor Kim Soo Hyun has finalized the sale of one of his luxury apartments at Seoul's upscale Galleria Fore complex. The move has drawn public interest not only for the staggering profit involved, it has also raised eyebrows due to its timing. It came shortly after advertisers filed a lawsuit against the actor. Kim Soo Hyun nets major profit from property sale According to official real estate records, Kim Soo Hyun completed the sale of a 170.98 square meters unit on July 3. He earned 8 billion KRW (approximately 6.15 million USD). He initially purchased the apartment for 3.02 billion KRW in 2014. This marks a substantial profit of nearly 5 billion KRW over a decade. The sale occurred just days after a high-profile lawsuit from corporate advertisers demanding damages. As a result, speculation quickly surfaced that Kim may have sold the property under financial strain. However, insiders close to the matter have dismissed those claims. Kim Soo Hyun's apartment deal planned before controversy, say insiders Sources from within the real estate industry and Kim's camp confirmed that the sale was not sudden, but rather a long-planned transaction. The buyer had reportedly been lined up since last year, with only the official contract signed recently. The clarification comes as fans and netizens attempt to connect the property sale to Kim's ongoing legal and reputational troubles. These issues have been fueled by recent allegations and lawsuits. Two more units still in Kim Soo Hyun's name Despite offloading one apartment, Kim continues to hold two more properties in the same luxury skyscraper. Both are large-scale 90-pyeong (approx. 297 square meters) residences. One was bought in 2013, and the other was bought more recently in 2024. However, one of these units is currently under provisional seizure, linked to financial claims filed against Kim. The actor is facing a 3 billion KRW claim from medical equipment firm Classys and an additional 100 million KRW claim from Cuckoo Malaysia. It is reportedly linked to contract breach disputes, as Kim Soo Hyun's controversy involving the late Kim Sae Ron has impacted his public image. So, it ultimately casts a negative light on the brand. All about Kim Soo Hyun-Kim Sae Ron controversy Kim Soo Hyun is currently embroiled in a legal controversy involving serious personal allegations. YouTube channel Garosero Institute, in collaboration with Kim Sae Ron's family, has accused the actor of being in a long-term underage relationship with the late actress. Kim has strongly denied the accusations. He clarified through legal representatives that their romantic relationship began only after Kim Sae Ron reached adulthood. He also claimed that it lasted for approximately one year. Since then, both sides have exchanged heated claims, with lawsuits and defamation complaints piling up from either end. In the wake of the scandal, multiple advertising brands have also distanced themselves from Kim. Some are now demanding financial compensation for reputational damages.
The Star
24-06-2025
- Business
- The Star
Cuckoo Malaysia to open 10 'Brandshops' within 2 years with RM5mil investment
From left: RHB Investment Bank Bhd CEO and managing director Kevin Davies, Cuckoo International senior independent non-executive director Jessica Low, chief financial officer Bryan Yeong, non-independent, executive director and CEO Hoe Kian Choon, Cuckoo Holdings strategic planning team general manager Kim Min Woo, Cuckoo International chief operating officer Toh Seng Lee, chief marketing officer Queenie Goh, independent non-executive director Marieta Abdull Hamid and AmInvestment Bank Bhd CEO Christopher Ng 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
Business Times
19-06-2025
- Business
- Business Times
South Korea's Cuckoo set for Malaysia debut after scaling down IPO
[SEOUL] A subsidiary of South Korean home-appliance maker Cuckoo Holdings is set to go public in Malaysia after a scaled-down offering that is expected to raise RM395 million (S$119.4 million). Cuckoo International (Mal) will begin trading on June 24, two months after postponing its initial public offering (IPO) due to market volatility. The final amount raised may vary as the company is waiting for approval from the bourse to reduce its public shareholding spread to 20 per cent from the current 25 per cent. Its revised offer price of RM1.08 per share, from RM1.29 previously, will value the company at RM1.55 billion. The company's debut will be closely watched for clues on demand for consumption stocks given the tepid retail subscription rate for Cuckoo. Chief executive officer Hoe Kian Choon is confident that its prospects and sizeable market share in the local home-appliance rental segment will draw investors. 'A lot of our investors were happy' that the offering was put off to ride out the volatility sparked by the US tariff announcement in April, Hoe said. 'None of our cornerstone investors left.' While market uncertainty remains high, the situation is 'more stable now,' allowing the company to revive its listing plans, he added. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Hoe, who founded the local company in 2014 as a distributor of Cuckoo products, has grown the business on the strength of its water purifier rental segment. Cuckoo Malaysia also co-creates some new products with other brands for the domestic market. The company's promising outlook prompted its Korean supplier to take up a majority stake in the Malaysian firm. Hoe said that Cuckoo Malaysia has secured nearly a fifth of the local appliance rental market and opportunities to cross-sell products among its one million active-subscriber base would help the company achieve double-digit revenue growth over the next few years. Cuckoo Malaysia's profit after tax for the first nine months of 2024 jumped 75 per cent from the previous corresponding period to RM104 million. Revenue rose 13 per cent. 'Malaysia's market is growing not only in number of households but also in household debt,' Hoe noted. 'Malaysians are looking for the best way to actually maximise their value for money. Rental will be one of the ways for them to enjoy a standard of living.' Korean rival Coway's wholly-owned local unit currently has market leadership in the rental space. Hoe, a former Coway executive, aims to catch up with other Cuckoo offerings including mattresses, massage chairs and air purifiers. Consumer brands that are centred on mass-market affordability have done well in Malaysia. Two of the country's biggest IPOs in the past year were retail chains that catered to customers looking to stretch the dollar – mini-mart operator 99 Speed Mart Retail Holdings and dollar-store chain Eco-Shop Marketing. Hoe said that Cuckoo's business fundamentals remain sound given little exposure to external shocks. While it is vulnerable to a stronger US currency – the company buys stock from its Korean parent in dollars – strong recurring income from its rental segment helps ease the pressure. Cuckoo will use proceeds from the IPO to open new concept stores that will allow cash-and-carry purchases and expand its business in Singapore. BLOOMBERG
Business Times
19-06-2025
- Business
- Business Times
Korea's Cuckoo set for Malaysia debut after scaling down IPO
(Bloomberg) – A subsidiary of South Korean home-appliance maker Cuckoo Holdings is set to go public in Malaysia after a scaled-down offering that's expected to raise RM395 million (S$119.4 million). Cuckoo International (Mal) will begin trading on June 24, two months after postponing its initial public offering due to market volatility. The final amount raised may vary as the company is waiting for approval from the bourse to reduce its public shareholding spread to 20 per cent from the current 25 per cent. Its revised offer price of RM1.08 per share, from RM1.29 previously, will value the company at RM1.55 billion. The company's debut will be closely watched for clues on demand for consumption stocks given the tepid retail subscription rate for Cuckoo. Chief executive officer Hoe Kian Choon is confident that its prospects and sizeable market share in the local home-appliance rental segment will draw investors. 'A lot of our investors were happy' that the offering was put off to ride out the volatility sparked by the US tariff announcement in April, Hoe said in an interview. 'None of our cornerstone investors left.' While market uncertainty remains high, the situation is 'more stable now,' allowing the company to revive its listing plans, he said. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Hoe, who founded the local company in 2014 as a distributor of Cuckoo products, has grown the business on the strength of its water purifier rental segment. Cuckoo Malaysia also co-creates some new products with other brands for the domestic market. The company's promising outlook prompted its Korean supplier to take up a majority stake in the Malaysian firm. Hoe said Cuckoo Malaysia has secured nearly a fifth of the local appliance rental market and opportunities to cross-sell products among its one million active-subscriber base would help the company achieve double-digit revenue growth over the next few years. Cuckoo Malaysia's profit after tax for the first nine months of 2024 jumped 75 per cent from the previous corresponding period to RM104 million. Revenue rose 13 per cent. 'Malaysia's market is growing not only in number of households but also in household debt,' Hoe said. 'Malaysians are looking for the best way to actually maximize their value for money. Rental will be one of the ways for them to enjoy a standard of living.' Korean rival Coway's wholly-owned local unit currently has market leadership in the rental space. Hoe, a former Coway executive, aims to catch up with other Cuckoo offerings including mattresses, massage chairs and air purifiers. Consumer brands that are centred on mass-market affordability have done well in Malaysia. Two of the country's biggest IPOs in the past year were retail chains that catered to customers looking to stretch the dollar – mini-mart operator 99 Speed Mart Retail Holdings and dollar-store chain Eco-Shop Marketing. Hoe said Cuckoo's business fundamentals remain sound given little exposure to external shocks. While it is vulnerable to a stronger US currency – the company buys stock from its Korean parent in dollars – strong recurring income from its rental segment helps ease the pressure. Cuckoo will use proceeds from the IPO to open new concept stores that will allow cash-and-carry purchases and expand its business in Singapore. BLOOMBERG
Malaysian Reserve
11-06-2025
- Business
- Malaysian Reserve
Cuckoo Malaysia slashes IPO price to RM1.08, trims fundraising to RM154.7m
Cuckoo International (MAL) Bhd (Cuckoo Malaysia) has lowered its IPO price to RM1.08 per share for both retail and institutional investors, down from RM1.29, following the completion of its book building process. The company will refund 21 sen per share to successful retail applicants. The revised pricing reduces its IPO proceeds to RM154.74 million – RM30.08 million less than the earlier target – based on the unchanged issuance of 143.28 million shares. The South Korean-backed home appliance company earlier delayed its Bursa Malaysia Main Market debut from April 30 to June 24 due to global market volatility. With the new IPO price, Cuckoo Malaysia's market capitalisation stands at RM1.55 billion, and its trailing PER drops to 17.7 times from 21.2 times previously. The IPO subscription period closed on June 5. Cuckoo Malaysia intends to allocate 56.7% of its IPO proceeds to fund product purchases for expanding its rental business. Additionally, 21.6% will go toward repaying bank borrowings, 2.7% for opening 'Brandshops', 3.0% for IT system upgrades, 5.4% for the expansion of its Singapore unit, Cuckoo International (S) Pte Ltd, and the balance for listing-related expenses.
