KUALA LUMPUR: Bentley Music Group Bhd (BMGB) is expected to expand its retail network into East Malaysia by the end of this year.
Executive director Lewis Siu Man Hooper said the company is laying the groundwork to identify a suitable site for expansion as its distribution network in East Malaysia is already in place.
"The basic principle of getting into the market is to enhance, not just because of market share, but it is also to enhance the visibility of our company, our image, of what we have done to nurture the talent of this industry for 50 years.
"So, we are continuing to enhance the brand value, which is very exciting,” he told a press conference after its listing ceremony here today.
BMGB specialises in retail and wholesale of musical instruments and sound reinforcement systems, supported by its Bentley Music Academy for music education at its Petaling Jaya and Kuala Lumpur showrooms.
It also manages and operates four retail showrooms under its Bentley Music brand, in Kuala Lumpur, Selangor, Penang and Johor.
Meanwhile, BMGB made its debut on the LEAP Market of Bursa Malaysia at 15 sen, a premium of 3.0 sen from its IPO price of 12 sen, with 10,000 shares traded.
The company said in a statement that it has achieved a market capitalisation of RM30 million upon its listing and part of its IPO proceeds will be utilised to enhance the group's operational capabilities and market reach, with a key focus on geographical expansion.
"The group intends to allocate RM2 million (66.67 per cent) of the gross proceeds from the private subscription as start-up costs to establish a retail showroom in either Kota Kinabalu or Kuching.
"This expansion is designed to extend the group's geographical presence, allowing it to capture growth opportunities in underserved regional markets and diversify its revenue base beyond Peninsular Malaysia,” it said.
Commenting on the effects of artificial intelligence (AI) on the music industry, Siu said the technology would not be replaced as some parts still need some creative touches from the composers and musicians to create songs.
"AI elements can be added to the songs that have been written to enhance certain parts of the music, but you still need the creativity part of it (from humans).
"You still need the (actual) instruments as a (musical) tool. I think AI can also help to complement our business very well," he said. - Bernama
