KrissAssets: On a Mall Acquisition Trail

KrissAssets Holdings Bhd, operator of The MidValley Megamall, will set aside up to RM2 billion to acquire foreign retail malls in the UK and the US.

Its group managing director, Robert Tan Chung Meng, said this was necessary as the mall has reached its maximum capacity and the contracts of some anchor tenants would be ending within two years.

"Even though the mall is doing positively year by year, we need to improve our revenue. We cannot increase the size of the mall as it will affect other tenants, that's why we have to resort to acquisitions," he told a media briefing after the company's annual group meeting here today.

Tan said the main attractions would be in New York, Chicago, California or even Florida," he said.
Its pre-tax for financial year ending Dec 31, 2009 rose 56.5 per cent to RM180.5 million from RM115.3 million in the same period last year.

Revenue rose to RM227.9 million from RM216.6 million previously.

Things are definitely looking good for KrissAssets as it goes global.