MUI falls 5% amid financial woes in UK retail unit Laura Ashley

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KUALA LUMPUR (Feb 18): Shares in Malayan United Industries Bhd (MUI) fell 5% this morning on reports that it is in talks with its lenders to secure a fresh drawdown to keep its fashion and homeware retail chain Laura Ashley afloat, according to a news report.

At 9.20am, MUI fell 1 sen to 19 sen, for a market capitalisation of RM557.19 million.

Laura Ashley reportedly confirmed in a statement that talks were ongoing about adjusting the rules, in order for the retailer to “meet the group’s immediate funding requirements, and to draw down additional amounts to meet ongoing working capital needs”, London-based business newspaper City A.M. reported on Sunday (Feb 16).

Besides the London Stock Exchange-listed Laura Ashley Holdings Plc, MUI owns Metrojaya Bhd, one of Malaysia’s oldest department store operator.