Ammolite eyes Bursa Malaysia listing

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KUALA LUMPUR (April 16): Ammolite Furniture Sdn Bhd is eyeing a listing on Bursa Malaysia and at the same time build its presence in Southeast Asian within three to five years as it has secured distributorship rights for China's Goldenhome Kitchen.

Its Chief Executive Officer, Datuk Tay Sim Kim, said the company has budgeted a capital expenditure of between RM10 million and RM20 million for the next five years, which would be used for expansion.

"Goldenhome Kitchen’s expansion into the domestic market will gear up the company for development in Southeast Asia. Furthermore, Goldenhome Kitchen’s expansion echoes the ‘One Belt One Road’ national initiative which is to improve the strength of both countries,” he told reporters at the opening of the show gallery recently.

Tay said the company would focus on tapping the Malaysian and Singaporean markets, of which it was looking at the potentials of setting up galleries in Penang and Johor.

“After that, only will we explore the neighbouring countries – Thailand and Indonesia,” he said.

On supplies, he said, for the time being, they would be imported from Goldenhome Kitchen's manufacturing plants in Xiamen and Siyang, China which covered a total area of 215.5 hectares with nearly 300,000 square metres of manufacturing and supporting facilities.

"So far, everything will be coming from Xiamen. However, if the expansion plans in Southeast Asia go well, we will look into setting up a plant here.

Goldenhome Kitchen was listed on the Shanghai Stock Exchange, with a market value of over RMB10 billion (RMB100= RM0.62) and it has over 1,000 galleries in major cities of the world.

Its new show gallery in Glenmarie, Shah Alam, features a huge retail space and is one of the largest kitchen cabinet show galleries in the country.

It is designed to offer Malaysian buyers a range of cabinetry products of the highest quality and environmentally-friendly designs and functionality.

It also showcases various design themes that cater to each of its discerning customers’ preferences.