KUALA LUMPUR: Berjaya Corp
Bhd (BCorp) has aborted its plan to bring in Melbourne-based CW Retail Asia Pty Ltd as a joint-venture (JV) partner in operating Cosway Pharmacies, which will also spur its entry into the pharmacy warehousing business.
In a filing with Bursa Malaysia, BCorp said it and CW Retail had mutually agreed to terminate their proposed JV.
The diversified group, however, did not give any reason for the decision.
CW and its affiliates (CW Network) supply goods and services to pharmacies and operate pharmacy chains in Australia including Chemist Warehouse, My Chemist and e-Pharmacy. CW Network is one of Australia’s largest pharmacy retailers.
Under the JV proposed in March last year, BCorp’s 80%-owned indirect subsidiary Morning Charm Sdn Bhd (now renamed Berjaya Pharmacy Sdn Bhd) would have a 75% stake in the JV company Monarch Wonder Sdn Bhd (renamed Berjaya Chemist Warehouse Asia Sdn Bhd).
BCorp, whose businesses include direct selling and the trading of household and healthcare products under the Cosway Corp group, had then said the JV company would supply goods and services to Cosway Pharmacies, which would be rebranded Berjaya My Chemist pharmacies and Tigas Alliance pharmacies.
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