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Tag: outfit

  • Mothercare Malaysia retailer seeks IPO

    Mothercare Malaysia retailer seeks IPO

    Kim Hin Joo, operator of ELC and Mothercare Malaysia, is preparing for an IPO on Bursa Malaysia’s ACE Market. The move, expected to generate funding for the group’s further expansion and expenditure, will see a public issue of 76 million new shares (20 per cent of its enlarged share capital) and an offer of 57 million existing shares (15 per cent of its enlarged capital). Of those shares, 47 million will be reserved for selected investors. Pricing has yet to be decided.

    The firm’s non-executive chairman Pang Kim Hin will see his personal stake reduced to 62.3 per cent after the IPO from his current 90.3 per cent.

    Kim Hin Joo has 16 Mothercare locations and 11 ELC SIS in several major Malaysian centers, with 599 distribution points nationwide and 10 overseas. It plans to open four to five new Mothercare stores within the next three years in Kuala Lumpur, Johor Bahru, and outside the Klang Valley area.

    “We are in the midst of finalising a development agreement with toy retailer The Entertainer UK which will grant us the exclusive rights to open and operate The Entertainer toy outlets, and sell a broad range of toys,” the company said in a statement.

    “We target to conclude the discussions and sign the development agreement by the first half of 2019.”

    The group is also planning to concurrently revamp and upgrade its e-commerce platform by replacing its back-end IT infrastructure system and to expand its distribution portfolio.

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  • CNN taps Beme to launch new media outfit

    CNN taps Beme to launch new media outfit

    CNN is funding and launching by summer of 2017 a standalone startup and it has tapped with Beme co-founders Casey Neistat and Matt Hackett to build the new brand.

    The new company will be devoted to filling the world with timely and topical video and empowering content creators to use technology to find their voice.

    For the new outfit, CNN is hiring “dozens of producers, builders, developers, designers and content creators of every mold.”

    The deal also means that CNN has acquired Beme, which is the digital innovation piece of a multiyear development deal that will result in the formation of a new media company “bringing together technology and storytelling.”

    CNN said it was approaching this project as a startup, with Andrew Morse (GM, CNN Digital Worldwide), Chris Berend (SVP, digital video), Casey Neistat and Matt Hackett are the new brand’s founders.

    “And just like Great Big Story, it will operate as a separate, stand-alone business as part of the CNN Digital portfolio,” the company said.

    As for Beme, the app will cease to exist and the innovation team will focus on launching the new company and building premium and transformative technology-driven experiences for CNN’s portfolio of businesses. Users will be notified and will have ample time to download their videos.

    All 11 Beme employees will join CNN as a distinct technology group, dedicated to charting the future of CNN through innovative mobile video products –- some as stand alones, others as enhancements to the vast array of existing products in the CNN portfolio.

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