Singapore’s Wing Tai Holdings plans to spend SG$94 million (US$67.9 million) on taking over its Malaysia unit, Wing Tai Malaysia.
This will allow it to achieve cost savings and efficiencies through the integration of its financial and business resources, says The Business Times.
It will also enable the company to own all its shares, allowing it to take the business private.
The company is involved in property development and investments, with focus on key Asia Pacific markets such as Australia, China, Hong Kong, Malaysia and Singapore. It is involved in the fashion retail market in Malaysia and Singapore, distributing brands such as Adidas, Dorothy Perkins, G2000, Miss Selfridge, Topshop, Uniqlo and Warehouse.
Founded in Hong Kong in 1955 in Hong Kong, it was incorporated in Singapore in 1963. It is an investment holding company with branches in property development and lifestyle, with assets exceeding SG$4.9billion.