Kim Hin Joo expansion plans intact despite COVID-19 challenges

Pang Fu Wei, the Group Managing Director of Kim Hin Joo

KUALA LUMPUR 1 Jun - Kim Hin Joo (Malaysia) Berhad, a leading retailer of baby, children, and maternity products in Malaysia, is pleased to announce that all resolutions tabled at the Company’s AGM on Friday, for the financial year ended 31 December 2020 (FY2020) were passed at a virtual meeting.

Shareholders passed Kim Hin Joo’s audited financial statements for FY2020 presented at the AGM, and re-elected Chew Soo Lin and Stewart Yen Se-Hua as members of the board of directors.

Pang Fu Wei, the Group Managing Director of Kim Hin Joo said, “It has been an unprecedented year for the global retail industry due to the COVID-19 pandemic and while we do not see the uncertainties clearing up soon, we will continue to seize any opportunities we see in the market.

"We are glad that our balance sheet remains in a strong position with positive cash flow and zero borrowings for the rest of the year,” he said in a statement.

“The pandemic has caused many disruptions to operations, including our digitalisation plans. Because we have seen strong growth in our online sales, we will be launching a new and improved website by the end of this quarter before continuing our plans to revamp our backend IT infrastructure.

According to Pang, this puts the company on track in our transition from a multi-channel retailer to an omni-channel retailer.

"As we evolve our retail model to better meet the changing consumer needs, the Company will be launching Malaysia’s first-ever Mothercare Experience Store for customers in the third quarter of 2021 (Q3FY21).

"This store goes beyond the traditional retail experience as expectant parents will be able to test products in a more meaningful manner, helping them make better purchasing decisions.

“The Mothercare Experience Store promises customers a visual and tactile experience and we believe that it will value add to customers’ in-store experience. Our group has identified the location for the Experience Store and it is expected to commence operation by Q3FY21,” said Pang.

Among the other resolutions passed, shareholders voted to reappoint Deloitte PLT as auditors of the Company and to authorise the directors to fix its remuneration, authorised the board to allot and issue shares pursuant to Section 76 of the Companies Act 2016, and renewed the shareholders' mandate for recurrent related party transactions of a revenue or trading nature. - DagangNews.com