KUALA LUMPUR (April 1): MyNews Holdings Bhd has redesignated its chief executive officer (CEO) for retail Low Chooi Hoon as a consultant to the convenience chain operator, effective April 1 to Aug 31, 2022.

No reasons were provided for the change in principal officer by MyNews, according to its bourse filing on Friday (April 1).

The filing also showed that Low does not hold any stake in MyNews.

It is unclear why MyNews had decided to redesignate Low as a consultant to the company now.

Low's appointment on Nov 1, 2020 came slightly over two weeks after the group had announced that it will be bringing CU, a South Korean convenience store brand to the Malaysian market on Oct 12, 2022.

Meanwhile, MyNews’ losing streak continued for the eighth consecutive quarter despite narrowing its net losses to RM7.86 million for the first quarter ended Jan 31, 2022 (1QFY22) from RM8.94 million a year prior on higher revenue contributed by the increase in number of outlets and footfall upon relaxation of the full lockdown last October.

Its 1QFY22 revenue had jumped 41.34% year-on-year to RM139.44 million from RM98.65 million, while losses per share stood at 1.15 sen, an improvement against the prior year’s corresponding quarter’s 1.3 sen per share.

The company had explained that its results were partly dragged by higher administration expenses, selling and distribution expenses and other expenses.

MyNews had also said it will continue to increase its footprint for its CU stores, myNEWS SUPERVALUE and myNEWS CVS stores in view of the improved bottom line and top line.

It also intends to expand online order delivery on demand by working closely with strong partners.

The company remains hopeful for continued business improvement as Malaysia transitions into the endemic phase from the Covid-19 pandemic in April when restrictions on business operation hours are lifted.

At Friday’s midday noon break, MyNews shares were unchanged at 71 sen, giving the convenience chain operator a market capitalisation of RM480.97 million. Year-to-date, MyNews had declined by 14.46% or 12 sen from 83 sen.