8th April 2021,
NIRO Ceramic Group plans to float the company in the local stock exchange next year to elevate its profile as a prominent ceramic tile player in Asean.
Niro Ceramic Group MD Ian Kok (picture) said the group initially planned for the corporate exercise this year but was delayed by the Covid-19 pandemic.
“Our initial plan (to go public) was in 2021 but unfortunately 2020 had set us back. So, we have decided to look at 2022.
“As part of our corporate plans, the Niro Ceramic Group aspires to be a public company with the aim of growing our presence as a notable and branded ceramic tile player in the Asean region,” he said during the virtual launch of Creative Lab franchise yesterday.
Creative Lab by Niro Granite, a brand under Niro Ceramic Group, is an experiential retail environment that enables its customers to design their homes online with the ease of choosing their products at one of its outlets that are curated to ensure convenience and comfort for its customers.
Creative Lab chief retail officer Keith Loh said the franchise programme was launched as the group believes there are entrepreneurs that would like to run businesses that are focused on home renovations and furnishing.
The franchise package includes an initial franchise fee of RM40,000 for five years and an initial outlet set up of RM210,000 which is estimated based on outlet size not more than 1,500 sq ft (139.35 sq m).
There will also be monthly recurring fees including a royalty fee of 5% of revenue for the usage of Creative Lab systems, 2% of revenue for promotion funds and 1.5% of revenue for system support fees.
Loh said the group has already secured four franchise outlets to date and another four franchises would be available in the next coming weeks. The group plans to have 12 franchise outlets by year-end.
“We have secured four franchise outlets which are not opened yet and we are mostly expanding towards the south first like in Johor and Melaka.
“The first franchise will be opened in May and it is located in Johor Baru, Johor,” he said. He added that the group is also in the middle of working with other brands to offer other services to the customers on top of its core products which are sanitary ware and tiles.
Other categories that are in the diversification pipeline include curtain, flooring and furnishing, said Loh.
Meanwhile, Kok said Niro Ceramic Group will shift its focus to Asia this year and is set on expanding its operations in the existing countries that they have already set foot in like Indonesia, Vietnam and the Philippines.
Source: The Malaysian Reserve
Full Article: https://themalaysianreserve.com/2021/04/08/niro-ceramic-plans-to-go-public-next-year/
