Yesterday evening, Astro Malaysia Holdings Bhd (AMH) officially announced that its Go Shop business will be shut down soon. A sudden announcement for sure, but what's even more surprising is that the operation will cease on 11 October 2023.
According to Astro, a meeting was held and a decision was finalised to close Astro Go due to a "challenging economic landscape and changes in consumer shopping behaviour as a whole". On top of that, the company also said it's part of the "realignment strategy that it (Astro) is currently carrying out, including the implementation of key cost-saving measures".
In addition, the statement further read "Go Shop is not considered a material subsidiary of AMH and is not expected to have a material impact on total consolidated earnings per share, net assets per share or in preparation for the financial year ending 2024". For those who don't know, Astro Go is a subsidiary of Astro Retail Ventures Sdn Bhd and its joint venture partner from Korea, GS Retail Co Ltd (GSR), each holding a 60-40 equity interest.
Astro also took the opportunity to thank all its customers and partners for their support over the past few years. So long, Astro Go. It was nice knowing you.
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