HWGB, Dufry to run duty-free shop at resort
Ho Wah Genting (HWGB) is teaming up with Switzerland’s Dufry Group to jointly run a duty-free shop in SkyAvenue mall at Genting Highlands Resort, Pahang.
In a filing with Bursa Malaysia, HWGB says it has entered into a shareholders agreement with Dufry International, a member of Dufry Group, to incorporate a JV company to run the shop. HWGB will hold a 49 per cent stake in the JV while Dufry owns the balance.
HWGB says the move will give it the chance to tap into Dufry Group’s strength in travel retail.
The JV company will have an initial paid-up capital of US$500,000, with HWGB’s portion of the total expected investment cost being about RM9 million (US$2.1 million), which it will fund through internal funds or from borrowings.