KUALA LUMPUR: XL Holdings Bhd
’s wholly-owned subsidiary, XL Retail Sdn Bhd, has entered into an asset purchase agreement to acquire the business assets of 34 “Giant Mini” outlets for RM15 mil.
In a filing with Bursa Malaysia, the company said the agreement was signed on April 30, 2026 with Jutaria Gemilang Sdn Bhd.
The assets comprise the tenancies of all 34 “Giant Mini” outlets across Klang Valley, along with furnishings, fixtures and equipment, stocks and inventories of at least RM100,000 per outlet, and the employees of the outlets, subject to a joint stock take.
XL said the proposed acquisition represents a strategic diversification of the group’s existing operations into the convenience retail segment, which is supported by resilient consumer demand and recurring cash flow characteristics.
“The mini-mart outlets are established businesses with an existing customer base and are expected to contribute positively to the group’s revenue over time.
“The board believes that the proposed acquisition will provide an additional income stream and reduce reliance on the group’s existing core business, while serving as a platform for future expansion in the retail segment,” it said.
XL said the proposed acquisition will be funded via internally generated funds and is expected to be completed by May 31, 2026, subject to the fulfilment of conditions precedent.
The company said the exercise is not expected to have any material effect on its net assets and gearing, and will not affect its issued share capital or substantial shareholders’ shareholdings.
“Barring any unforeseen circumstances, the proposed acquisition is expected to contribute positively to the earnings and earnings per share of the group as the earnings and attributable profits would be realised in stages over the tenure of the agreement,” XL said.
