KUALA LUMPUR, 2 October 2023 – Given the challenging overall economic landscape and the changes in consumer shopping behaviour, Astro Malaysia Holdings Berhad (“AMH”) and its Korean joint venture partner GS Retail Co., Ltd. (“GSR”) have decided that Astro GS Shop Sdn Bhd (“AGSS”) which operates the home shopping business under the brand name “Go Shop”, will be ceasing operations on 11 October 2023.
AGSS is a joint venture established between Astro Retail Ventures Sdn Bhd (a wholly owned subsidiary of AMH) (“ARV”) holding 60% equity interest and GSR holding the balance of 40%.
As part of the ongoing strategic realignment underway within Astro, including the execution of significant cost-saving measures, both parties have taken the decision to exit the business. There has been a significant downturn in this mode of shopping since the pandemic and closure will ensure that Astro’s resources are focused on business lines that contribute the biggest difference to the overall operations.
Go Shop is not considered a material subsidiary of AMH and is not expected to have material effect on the Group’s consolidated earnings per share, net assets per share or gearing for FY24.
Go Shop wishes to take this opportunity to thank all its customers and partners for their strong support over the past years. The Company also wishes to express their gratitude to the Go Shop team for their passion and dedication to the brand over many years.
