Latest news with #Chinese-Malaysian
Business Times
22-05-2025
- Business
- Business Times
Dollar-store billionaire poised to emerge from Malaysia IPO
[KUALA LUMPUR] A discount chain with signature red storefronts has drawn legions of Malaysians looking for good deals – and made its founder a billionaire. Eco-Shop Marketing, which operates more than 350 dollar stores across Malaysia, is on track to complete its initial public offering (IPO) in Kuala Lumpur on Friday (May 23) – the country's biggest this year. The listing will value the company at about US$1.5 billion, meaning its founder and controlling shareholder, Lee Kar Whatt, will end up with a US$1.15 billion stake, according to the Bloomberg Billionaires Index. Eco-Shop's growth over the last two fiscal years, with revenue increasing more than 50 per cent, reflects the demand for cheap everyday goods at a time of rising inflation, said Zhu Hann Ng, founder and chief executive officer of Tradeview Capital, a fund manager in Kuala Lumpur. 'Fixed-price retailers became a first choice,' Hann said, referring to the RM2.60 (S$0.61) price tag on all products in Eco-Shop stores in peninsular Malaysia. (Products sold in Malaysia's two states on Borneo cost RM2.80.) Lee, who's 51, will remain in charge. He declined to be interviewed. He opened the chain's first store in 2003 with his brother and a pair of other people. He still works out of the company's headquarters in Jementah – a small town that's a three-hour drive southeast of Kuala Lumpur. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Even before Eco-Shop grew into a nationwide chain, Lee was well-known in the Chinese-Malaysian business community for his charitable engagements, Hann said. In 2023, Lee was captured on a rare photo handing a RM1 million check to the Turkish ambassador to Malaysia, meant for the victims of the earthquakes that devastated parts of southern Turkey. Creador, a private equity firm, took a 10 per cent stake in the company in 2019, at which point it had more than 100 stores. But Eco-Shop faces competition from established rivals, such as Mr DIY Group (M), as well as smaller upstarts run by entrepreneurs from mainland China, Hann said. 'We feel the market in Malaysia is quite saturated' and the company's 'upside is capped', he said. Tradeview declined to buy Eco-Shop shares as part of the offering. For its part, Eco-Shop says in its prospectus that there's significant room to grow. It plans to open approximately 70 new stores annually for the next five years. BLOOMBERG
Yahoo
20-04-2025
- Yahoo
108 The Nasi Lemak Shop: Create-your-own sets with crispy belachan wings, kerabu salad & sambal quail egg
Back in Feb 2025, Daniel — one of the owners of 108 The Nasi Lemak Shop — reached out to me via WhatsApp, inviting me to pay them a visit. This Muslim-owned newcomer opened in mid-January at Hong Lim Market & Food Centre. Daniel, a Chinese-Malaysian, and his Singaporean Malay friend and business partner, Imran, set out to bring the best of both countries together on one plate. They wanted to pay homage to the rich historical background of nasi lemak, while giving it the love and attention it deserves. Beyond incorporating their lucky number '108' — a symbol of balance and completeness — their simple yet quirky logo depicts the leaves of a coconut tree with legs. It serves as a reminder that one day, they'll be able to share this underrated local cuisine with the whole world. When I arrived at 11.15am, I was surprised to see a queue already forming.— perhaps sparked by the article on Daniel Food Diary published just a week ago. Daniel and Imran were in the zone, each focused on their role as they tackled a massive takeaway order of at least 20 sets. Amidst all the rush and chaos, the stall remained well-organised, with sufficient mise en place ready to take on the peak lunch crowd. Each element was neatly stored in separate containers and inserts. With both having come from fine dining backgrounds, it's clear that these guys are well prepared. Growing up, I developed a deep love for my grandmother's sambal belacan. Even a small amount on plain rice brought an explosion of flavour. So when I spotted 108 Wing with Set (S$6.80), it piqued my curiosity to start with that. My plate came with a mound of nasi lemak, a piece of battered chicken wing, fried crumbs similar to those found in ayam penyet, a begedil, and the usual suspects. What intrigued me was the generous amount of sambal that arrived in a large puddle. From the very first spoonful of coconut rice with a sprinkling of crumbs, I was impressed. The coconut aroma was pronounced but well-balanced, and the rice was flawlessly cooked — moist and fluffy, with just the right texture. 16 best stalls at Hong Lim Market & Food Centre worth fighting the lunch crowd for The first thing my 71-year-old dad said to me about the sambal was, 'The taste is so old-school.' I took that to mean it reminded him of the flavours from his younger days. To me, the sambal was sweet and fiery, with notes of hae bi surfacing only a few seconds in. The belachan chicken wing was well-battered and deep-fried till shatteringly crispy, yielding to moist, tender flesh. However, that being said, though I tasted the slight umami notes of the fermented shrimp paste, I wished it had a bit more oomph to make it truly stand out. The accompanying ikan bilis-peanut combo and bergedil were fairly standard — tasting like typical, run-of-the-mill renditions. The 'create-your-own' à la carte option caught my eye, so I went for that next. My personalised dish consisted of Coconut Rice (S$1.50), (S$5.20) with bonus crumbs at the side, Salad (S$1.80), Quail Egg (S$1.50), and Anchovies Peanut Mix (S$0.80). The total amounted to S$10.80 — definitely on the higher side. Now let's see if it was worth spending that much. At 108 The Nasi Lemak Shop, the ayam goreng berampah uses a special 8-spiced marination mix. The gorgeous, golden-brown morsels of boneless chicken were fried to perfection, with moist and juicy insides that stayed intact. I think this might be the first time in my life I've had kerabu served as a salad. My past experiences? Usually just in the form of nasi kerabu where it's a mixture of multiple herbs and aromatics. The crunchy mix of bean sprouts, long beans, and wing beans came together in an irresistibly addictive harmony. Paired with the sweetness of tomatoes, the bittersweet burst of pomelo, and the aroma of kaffir lime, the kerabu salad was tied together beautifully with a tangy tamarind ginger vinaigrette. That, my friends, is a true work of art. Sorry guys, but I'm stealing this recipe for myself! Don't sue me. The smooth surface of the quail eggs had undergone a rough makeover — deep-fried until blistered, then doused in sambal alongside golden cubes of fried tau kwa. So, was the nearly S$11 price tag worth it? I'd say yes! It looks like 108 The Nasi Lemak Shop is off to a good start. Most new hawker businesses struggle to find a steady customer stream, whereas this barely 3-month-old business seems like it's thriving. With things moving at a fast pace, all I ask is for Daniel and Imran to keep the consistency going, while managing the long queues. When businesses pick up, quality often slips — but with their gung-ho spirit, I'm confident the 2 of them can rise to the challenge. I'll be back for more! Expected damage: S$6.80 – S$11 per pax [SHIFTED] Mei Jing Sandakan Fried Pork Noodle: Native Sabah hawker honours aunty's recipes with deep-fried pork belly & chicken feet mee The post 108 The Nasi Lemak Shop: Create-your-own sets with crispy belachan wings, kerabu salad & sambal quail egg appeared first on
Yahoo
16-04-2025
- Business
- Yahoo
China's Xi hails ‘new golden era' with Malaysia during trade tour
Chinese President Xi Jinping has met Malaysia's King Sultan Ibrahim in Kuala Lumpur as part of a regional push to shore up Beijing's trade relationships. The diplomatic stop on Wednesday marks the second leg of Xi's three-nation tour, which also includes Vietnam and Cambodia, and comes amid sharp tariffs imposed by the United States that are reshaping the global economic landscape. Sultan Ibrahim welcomed Xi in a colourful ceremony at the golden-domed Istana Negara palace before his meeting with Malaysian Prime Minister Anwar Ibrahim at the administrative capital of Putrajaya. Xi touted a 'new golden era' of Chinese-Malaysian relations, following the 50th anniversary of diplomatic ties last year. The king announced new cooperation between the countries in various fields, including artificial intelligence. 'This is a hugely significant visit,' said Al Jazeera's Rob McBride, reporting from Putrajaya. 'It takes place during this unprecedented trade war that is developing with the United States, with both Malaysia and China finding themselves in the middle.' Khoo Ying Hooi, an associate professor in the department of international and strategic studies at Malaya University, said the visit offered a chance to 'test the waters for regional solidarity' amid the US trade disruptions. 'It's not just about friendship, it's about realigning the regional centre of gravity towards Beijing,' she said. Malaysia is the current chair of the Association of Southeast Asian Nations (ASEAN) bloc, whose members are among the hardest hit by new US tariffs. ASEAN member Vietnam, a manufacturing powerhouse, was slapped with 46 percent tariffs, and Cambodia, a significant producer of low-cost clothing for big Western brands, was hit with a 49 percent duty. Malaysia, Southeast Asia's third-largest economy, was hit with a lower tariff of 24 percent. Though the measures have been paused for 90 days, President Donald Trump has warned that no country is 'off the hook'. McBride said Malaysia, a longstanding US ally, was likely 'genuinely alarmed to find itself on this list of reciprocal tariffs' and saw it as 'a wake-up call … to deepen ties with its biggest trading partner', China. Despite robust economic ties, the two countries have had tensions over the South China Sea, where Beijing claims sweeping sovereignty over waters also claimed by Kuala Lumpur. 'There has been an extraordinary sea change here, with a lot of the norms of international trade completely upended in a few short months,' McBride said. In Asia Pacific generally, he added, countries that usually align with the US economic model are increasingly turning to Beijing as a reliable trade partner. Xi's next trip will be to Cambodia, one of China's staunchest allies in Southeast Asia and where Beijing has also extended its influence in recent years. On Thursday, he is expected to meet Cambodia's King Norodom Sihamoni as well as the prime minister and head of the senate.
Al Jazeera
16-04-2025
- Business
- Al Jazeera
China's Xi hails ‘new golden era' with Malaysia during trade tour
Chinese President Xi Jinping has met Malaysia's King Sultan Ibrahim in Kuala Lumpur as part of a regional push to shore up Beijing's trade relationships. The diplomatic stop on Wednesday marks the second leg of Xi's three-nation tour, which also includes Vietnam and Cambodia, and comes amid sharp tariffs imposed by the United States that are reshaping the global economic landscape. Sultan Ibrahim welcomed Xi in a colourful ceremony at the golden-domed Istana Negara palace before his meeting with Malaysian Prime Minister Anwar Ibrahim at the administrative capital of Putrajaya. Xi touted a 'new golden era' of Chinese-Malaysian relations, following the 50th anniversary of diplomatic ties last year. The king announced new cooperation between the countries in various fields, including artificial intelligence. 'This is a hugely significant visit,' said Al Jazeera's Rob McBride, reporting from Putrajaya. 'It takes place during this unprecedented trade war that is developing with the United States, with both Malaysia and China finding themselves in the middle.' Khoo Ying Hooi, an associate professor in the department of international and strategic studies at Malaya University, said the visit offered a chance to 'test the waters for regional solidarity' amid the US trade disruptions. 'It's not just about friendship, it's about realigning the regional centre of gravity towards Beijing,' she said. Malaysia is the current chair of the Association of Southeast Asian Nations (ASEAN) bloc, whose members are among the hardest hit by new US tariffs. ASEAN member Vietnam, a manufacturing powerhouse, was slapped with 46 percent tariffs, and Cambodia, a significant producer of low-cost clothing for big Western brands, was hit with a 49 percent duty. Malaysia, Southeast Asia's third-largest economy, was hit with a lower tariff of 24 percent. Though the measures have been paused for 90 days, President Donald Trump has warned that no country is 'off the hook'. McBride said Malaysia, a longstanding US ally, was likely 'genuinely alarmed to find itself on this list of reciprocal tariffs' and saw it as 'a wake-up call … to deepen ties with its biggest trading partner', China. Despite robust economic ties, the two countries have had tensions over the South China Sea, where Beijing claims sweeping sovereignty over waters also claimed by Kuala Lumpur. 'There has been an extraordinary sea change here, with a lot of the norms of international trade completely upended in a few short months,' McBride said. In Asia Pacific generally, he added, countries that usually align with the US economic model are increasingly turning to Beijing as a reliable trade partner. Xi's next trip will be to Cambodia, one of China's staunchest allies in Southeast Asia and where Beijing has also extended its influence in recent years. On Thursday, he is expected to meet Cambodia's King Norodom Sihamoni as well as the prime minister and head of the senate.
