Thursday, 5 July 2018

(The Edge Financial Daily) BCorp sees above 5% retail growth in FY19 under new government

KUALA LUMPUR: Berjaya Corp Bhd (BCorp) is positive that its retail segment would grow above 5% for the financial year ending April 30, 2019, thanks to the good changes brought by the new government led by Prime Minister Tun Dr Mahathir Mohamad.

Founder and executive chairman, Tan Sri Vincent Tan Chee Yioun, said the feel-good factors such as the removal of the goods and services tax (GST) from June 1, 2018, had boosted consumer demand.

“I think the majority of the retail sector experienced better sales after the removal of GST.

“And most of our businesses’ sales, including those of our 7-Eleven convenience stores, have increased too,” he told reporters after launching the Razer Pay e-wallet here yesterday.

Razer Pay, a 49:51 partnership between BCorp and gaming company Razer Inc, enables youths and millennials to make easier cashless payments.

Tan also believed the reintroduction of the sales and services tax (SST) in September would not have much impact on the company's retail business.

Meanwhile, Tan said BCorp had pledged to donate up to RM5 million to Tabung Harapan from the Razer Pay bonus credits by Aug 31, 2018.

“From today (yesterday) until Aug 31, 2018, we have committed to donating RM10 with each first use of the e-wallet at participating Berjaya outlets such as 7-Eleven, Starbucks and Cosway,” he said.

Razer co-founder and chief executive officer Min-Liang Tan said in conjunction with the new launch of the e-wallet, every new user in Malaysia would receive a RM10 bonus credit when they sign up in the Razer Pay application from yesterday until Sept 30, 2018. — Bernama