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For Immediate Release
Kuala Lumpur, 31 May 2005 - Watson's Personal Care Stores Sdn Bhd (Watsons), the Malaysian unit of Hong Kong-based A.S. Watson Group (ASW), today announced the successful acquisition of Apex Pharmacy Sdn Bhd (Apex Pharmacy) from Apex Healthcare Bhd (AHB), a Bursa Malaysia main board-listed company.
Watsons assumes ownership of 20 Apex Pharmacy stores nationwide with effect 31st May 2005. In terms of the pharmacy, the combined store network will also have 35 counters that will trade using the 'Apex' brand under an exclusive license from AHB to leverage its strong brand equity and large customer base.
The total value of the acquisition is RM12.2 million.
Ian Cruddas, General Manager of Watsons Malaysia, said, "Malaysia is a robust retail market and this strategic move further strengthens our local position in the sector. With the acquisition, we will refurbish the stores to reflect the look and feel of Watsons, including changes and enhancements to store signages, layouts and fittings," added Cruddas.
Dr Kee Kirk Chin, Managing Director of AHB, said: "Whilst the retail business was the genesis of the Group, manufacturing and distribution operations have gradually become its core activities. With our exit from the retail business, we will now be able to fully concentrate on these core activities that have been and will continue to be the engine of growth for the Group."
Founded in 1962, Apex Pharmacy's community and family-oriented approach has earned the loyal support of a large pool of customers throughout its network spanning the Klang Valley, Perak, Negeri Sembilan, Johor and East Malaysia.
With FIC's approval, the sale and purchase agreement for the acquisition was signed today, following the lapse of an earlier sale and purchase agreement entered into in July 2004.
About Watsons
Established in 1828, Watsons is the largest personal care retail chain in Asia operating over 1,000 stores in 10 markets namely Mainland China, Hong Kong, Korea, Macau, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Turkey.
In Malaysia, Watsons operates more than 100 stores with over 1,200 employees. As a leading chain in the market, 15 of its Watsons stores have licensed pharmacy counters.
Watsons is the flagship health and beauty operation of the A.S. Watson Group (ASW), a wholly-owned subsidiary of Hutchison Whampoa Limited. ASW is the largest health and beauty retailer in the world, with outlets in 31 markets operated by over 87,000 staff. The Group owns over 6,200 retail stores which serve more than 23 million customers per week worldwide.
Anna Lo
A.S. Watson Group
Tel : (852) 3521 6226 / (852) 6334 3391
Email: AnnaL@asw.com.hk
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