Singaporeans spend money on Sogo Malaysia

A Singaporean funding firm has taken a strategic stake within the Malaysian licenceholder of Japanese division retailer model Sogo.

Singapore-listed LTC Company, by way of a wholly-owned subsidiary, has taken a 50 per cent share of USP Fairness in equal partnership with USP Assets, which has acquired USP’s shareholding in SKLDS, which operates Sogo beneath licence from Sogo & Seibu  of Japan.

LTC, historically concerned in property improvement, metal buying and selling and investments in Malaysia, China and Singapore, says in a regulatory submitting the mover is a part of a strategic initiative to broaden its enterprise base.

“The LTC Group has been in search of a brand new enterprise to generate further revenue streams and diversify its asset and income base. Venturing into the retail and distributive enterprise in Malaysia is a step within the course of attaining these aims,” it stated.

The funding value LTC MYR70.14 million (US$18.17 million).

Sogo Malaysia is a full-line division retailer concentrating on home shoppers within the center market, ranging grocery, cosmetics, fragrances, attire and homewares.