From left: RHB Investment Bank Bhd CEO and managing director Kevin Davies, Cuckoo International senior independent non-executive director Jessica Low, chief financial officer Bryan Yeong, non-independent, executive director and CEO Hoe Kian Choon, Cuckoo Holdings strategic planning team general manager Kim Min Woo, Cuckoo International chief operating officer Toh Seng Lee, chief marketing officer Queenie Goh, independent non-executive director Marieta Abdull Hamid and AmInvestment Bank Bhd CEO Christopher Ng
PETALING JAYA: Cuckoo International (M) Bhd will invest RM5mil to open 10 “brandshops” in Malaysia within two years to serve as physical “cash and carry” shops in Malaysia.
The company is the local unit of South Korean appliance maker Cuckoo Homesys Co Ltd.
According to the company’s prospectus, it aims to have the shops in Kuala Lumpur, Penang and Johor this year while the rest will be in Selangor, Melaka, Perak, Kelantan, Terengganu and Kedah next year.
Cuckoo Malaysia chief operating officer Toh Seng Lee told a press conference after the company’s listing ceremony here yesterday that it has 263 “brandshops” nationwide, but they are only product demonstration centres.
“Our products need to be installed (at the premises), so it is not convenient for the customers to buy (cash and carry).
“We will also showcase our rice cooker, which is our prime product,” he said, adding that the product has an 87% market share in South Korea. It will introduce it to the Malaysian market soon.
Meanwhile, Cuckoo Malaysia executive director and chief executive officer Bryan Yeong said the company would allocate RM10mil for market expansion in Singapore for two years starting this year.
“We have been (in Singapore) for six years and would like to expand our footprint,” he said.
Cuckoo Malaysia made its debut on Bursa Malaysia’s Main Market at RM1.09 with a one sen premium from its initial public offering (IPO) price of RM1.08, with 15.33 million shares traded.
At 5pm, the company closed flat at RM1.08 with 42.73 million shares traded.
Cuckoo Malaysia raised RM184.8mil from its IPO, with 56.7% of the proceeds going towards product purchases to expand the company’s rental business, and 21.6% for debt repayment.
It would allocate 2.7% to open retail outlets, 3% for information technology upgrades, 5.4% for its Singapore expansion and the remainder for listing expenses, it said in its prospectus.
RHB Investment Bank is the sole principal adviser, joint global coordinator, joint bookrunner, managing underwriter and joint underwriter for the IPO.
AmInvestment Bank is a joint global coordinator, joint bookrunner, and joint underwriter for the IPO.
Cuckoo Malaysia is the second-largest player in the home appliance rental segment with a 23.1% market share as of December 2024.
In a statement, chairman Koo Bon Hak said the company’s listing is a proud and meaningful milestone not only for the Malaysian team, but for Cuckoo globally.
“The success of Cuckoo Malaysia is a testament to the strength of its leadership, the dedication of its people, and the unyielding passion to foster healthy lifestyles for its customers. As we celebrate this achievement, we remain confident of Cuckoo Malaysia’s continued growth and impact in delivering a holistic wellness ecosystem of solutions.
“We look forward to supporting the team as they further strengthen their market presence and create long-term value for all stakeholders,” he said. — Agencies
