Teo Guan Lee expands child garment business of Kiko Garments

APPAREL retailer Teo Guan Lee Corp Bhd (TGL) has agreed to buy Kiko Garments Sdn Bhd (KGSB) for RM5.48 million to further strengthen its position in the children wear market segment.

In a stock exchange filing today, TGL said it has today entered into a sale and purchase agreement with Cetrac International Co Ltd (CICL) and KGSB to acquire 1.55 million shares, representing 100% equity interest in KGSB from CICL.

“The proposed acquisition is expected to contribute positively to TGL Group’s revenue and earnings in the long run,” it said.

Barring any unforeseen circumstances, the proposed acquisition is expected to be completed by the end of December 2022. — TMR / pic source: www.tglcorp.com.my