KUALA LUMPUR: Astro Malaysia Holdings Bhd (AMH) has decided to cease “Go Shop” effective Oct 11 due to the challenging overall economic landscape and the changes in consumer shopping behaviour.
Astro GS Shop Sdn Bhd (AGSS) which operates “Go Shop” is a joint between Astro Retail Ventures Sdn Bhd (a wholly owned subsidiary of AMH) and its Korean partner, GS Retail Co Ltd (GSR).
The joint venture saw the former holding 60% equity interest while the latter held the remaining 40%.
“As part of the ongoing strategic realignment underway within Astro, including the execution of significant cost-saving measures, both parties have taken the decision to exit the business.
“There has been a significant downturn in this mode of shopping since the pandemic and closure will ensure that Astro’s resources are focused on business lines that contribute the biggest difference to the overall operations,” AMH said in a statement.
“Go Shop is not considered a material subsidiary of AMH and is not expected to have material effect on the group’s consolidated earnings per share, net assets per share or gearing for FY24,” it added.