MXM on expansion drive into Thailand
MXM International - previously known as MGM International - has embarked on aggressive expansion plans to boost revenues.
President and CEO Marcus Kam hopes its revenues will surpass 80 million ringgit (Bt805 million) this year, from about 30 million ringgit last year, buoyed by the opening of new branches both locally and abroad. MXM, a lifestyle community-network organisation, expects to invest 10 million to 20 million ringgit in its international expansion."We plan to open four or five branches in Thailand in the next 12 months. The first MXM branch in Bangkok is expected to be ready in two to three months," Kam told a press conference after the launch of 14-storey MXM Tower yesterday. He said the company was studying the feasibility of venturing into other countries in the region, especially Indonesia. "We expect our first branch in Jakarta to be ready by the fourth quarter this year. From Jakarta, we hope to expand to Medan and Surabaya," he said. On the local front, Kam said the company would set up 10-20 new branches in major towns in the next 12 months. Each branch is expected to cost about 1 million ringgit. He said the branch expansion would be financed via internal and external funds. "Since the launch, 30,000 members have signed up in Malaysia. Our target is 100,000 members by year's end," said Kam, adding that more members would translate into higher income. MXM Tower will house a fitness centre, a spa, family-entertainment outlets, a karaoke lounge, a restaurant and a training centre.
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