Mar 232014
 

MANILA, Philippines – Filipino fashion retailer Golden ABC Inc. is expanding it business by opening more new stores locally and overseas this year.

“I am very excited about our international expansion. We are looking at about 25 stores abroad,” Golden ABC Inc. chief executive officer Bernie Liu told reporters in a chance interview noting that all new stores to be set up overseas are for the Penshoppe brand.

The firm is looking at opening five to 10 more stores in the Middle East and about 10 stores in Indonesia.

Liu said the firm will also be entering a new market this year, as it is slated to set up in Phnom Penh, Cambodia.

“Store investment is going to be done by our partner,” Liu said.

The firm currently has presence in markets such as Bahrain, Saudi Arabia, United Arab Emirates and Indonesia.

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“For domestic (expansion), we are targeting 25 (stores) as well,” Liu said, noting that such would require about P200 million worth of investment.

The locations for the new outlets will depend on where new malls will be rising.

“We have to be a bit selective where we’re opening. Metro Manila is getting a bit crowded. The opportunities are really outside Metro Manila,” Liu said.

He added that the new outlets in the local market will be a combination of its different brands.

Aside from Penshoppe, Golden ABC creates and sells ready-to-wear clothing under the Oxygen, ForMe, Memo, Regatta and Tyler brands as well as direct selling subsidiary Red Logo.

Aug 122013
 
PAL to close Cambodia Air deal by Oct

MANILA, Philippines – National flag carrier Philippine Airlines (PAL), is set to complete the deal with Royal Group of Cambodia (RCG) to form Cambodia Airlines Co. Ltd. within the next two months. Ma. Cecilia Pesayco, assistant corporate secretary of PAL’s parent firm PAL Holdings Inc., said the closing date of the completion of a joint venture with RCG’s Inter Logistics (Cambodia) Co. Ltd. (ILC) has been moved to Oct. 15. The new closing date is three months longer than the original closing date target of July 15. “We received today the notice from PAL informing us that the closing date for the completion of PAL’s joint venture with ILC has been moved to Oct. 15,” Pesayco told the Philippine Stock Exchange (PSE). PAL is pumping in $10 million worth of equity for a 49 percent stake in Cambodia Airlines that is 100 percent owned by Inter Logistics (Cambodia) Co. Ltd. ILC is 100 percent owned by RGC chair Neak Oknha Kith Meng. PAL is supposed to make a downpayment of 10 percent or $1 million of the total acquisition cost on the completion of closing conditions targeted last July 15 while the balance of $9 million would be paid upon the call of the board of Cambodia Air. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The closing conditions include the registration of the investment of PAL in Cambodia Air as well as the procurement by Cambodia Air of all the necessary franchises, permits, and licenses to operate and Read More …