
XL Holdings Bhd is acquiring the business assets of 34 “GIANT Mini” minimart outlets across Malaysia for RM15 million, marking its entry into the convenience retail segment.
The acquisition is undertaken via its wholly owned subsidiary XL Retail Sdn Bhd, which entered into an asset purchase agreement with Jutaria Gemilang Sdn Bhd.
The deal covers tenancy rights, fixtures and fittings, equipment, inventories of about RM100,000 per outlet, as well as employees and goodwill associated with the outlets.
XL said the purchase will be funded via internally generated funds and will be completed by May 31, 2026, with full access to the outlets upon completion. The group will also be granted a one-year licence to use the “GIANT Mini” brand name, with options to extend.
The group said the acquisition is part of a strategic diversification into retail, which offers recurring income and established customer traffic, while reducing reliance on its existing core business.
It is expected to contribute positively to earnings over time but may expose the group to execution, competition and margin risks associated with the retail segment. — TMR
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