Mr DIY tight-lipped over IPO plan, to continue expansion strategy

PETALING JAYA, June 20 — Malaysia's largest home improvement retailer, Mr DIY Group Sdn Bhd remains tight-lipped over its plan to launch an initial public offering (IPO) this year.

Its managing director, Adrian Ong declined to comment on news reports earlier this year which claimed that the company was planning to launch an IPO that could raise between RM1.5 billion and RM2.1 billion by the fourth quarter of this year.

However, he said the company would continue its aggressive expansion strategy, adding that it had opened over 100 stores annually in the past two years.

"We feel that we should continue this pace, at least for the foreseeable future," he told reporters at the opening of the company's 500th store here today.

He said the company also strived for efficiency to remain competitive.

Last year, Mr DIY recorded a net profit of RM300 million and a revenue of RM1.8 billion.

The company serves more than seven million customers monthly through their stores and online platform. — Bernama

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