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Tuesday, March 8, 2011

Mydin to invest RM1.4b on 14 hypermarts

Mydin Mohamed Holdings Bhd plans to open 14 new hypermarkets nationwide over the next few years by investing RM1.4 billion, its managing director, Datuk Ameer Ali Mydin said today.

He said the group is also mulling the idea of raising some RM350 million via a bond issuance to fund its expansion plan but declined to reveal details.

The amount can fund three hypermarkets, namely one in Seremban and two in Johor Baru, as on average, each hypermarket will cost RM150 million, he told reporters after Prime Minister, Datuk Seri Najib Tun Razak unveiled the nine new projects under the Economic Transformation Programme (ETP) here, today.

He also said it took between 12 to 15 months to complete a hypermarket.

By Bernama

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