Wing Tai Holdings has revealed plans to take over its Malaysia unit, Wing Tai Malaysia, for SG$94 million (RM290.7 million). According to an article on The Business Times, this will allow it to achieve cost savings and improved operational efficiencies, through the integration of its financial and operational resources.
This will also allow the company to own all of its shares, allowing it to take the business private. Maybank Investment Bank was tasked to oversee the financial deal, according to a financial announcement issued by the company.
Currently, the company is involved in property development and investments, with focus on key markets in Asia Pacific such as Singapore, Malaysia, Australia, Hong Kong and China. It has a high presence in the fashion retail market in Singapore and Malaysia, distributing brands such as Adidas, G2000, Topshop, Uniqlo, Miss Selfridge, Warehouse and Dorothy Perkins, to name a few.
The company was founded in 1955 in Hong Kong, incorporating itself into Singapore in 1963. It is an investment holding company with branches in property development and lifestyle, with assets exceeding SG$4.9billion, according to its website.
In 2014, Wing Tai Retail appointed Starcom Singapore as its media agency, which saw the agency undertaking duties such as integrated media buying and planning duties for Wing Tai Retail in Singapore. The account was previously held by ZenithOptimedia.