Sheng Tai International Sdn Bhd (Sheng Tai International), an award-winning home-grown developer and a proven specialist in property tourism, today unveiled its RM10 million fund to support the growth of the franchise industry in Malaysia.
The fund is accessible to the entire franchise community who are members of the Malaysian Franchise Association (MFA). These include franchisors, would-be franchisors, master franchisees, would-be master franchisees as well as suppliers and vendor of franchises.
The launch of the fund was marked with a signing ceremony between Sheng Tai International and MFA, which was represented by Dato’ Leong Sir Ley, Founder and Chairman of Sheng Tai International and Datuk Dr. Radzali Hassan, Chairman of MFA,
Dato’ Leong Sir Ley, Founder and Chairman of Sheng Tai International, said, “Today’s unprecedented operating landscape presents multiple challenges for local entrepreneurs and businesses.”
“Sheng Tai International is in a unique position to provide support for the local business community as we are able to leverage on our strategically located property assets, our presence in Greater China and other countries, our experience in sales and marketing as well as our extensive network of vendors and suppliers in Malaysia and overseas.”
“This fund is aimed to provide financial assistance to the franchise industry so that these businesses can overcome the difficulties caused by the Covid19 pandemic while seizing the opportunities to expand their business further, even beyond Malaysian shores,” she added.
Members of MFA will have access to up to RM200,000 interest-free financial aid upon terms when they open an outlet at one of Sheng Tai International’s projects in Malaysia, namely “The Sail” and “Metrasquare”, Melaka. Rental fees for the first six (6) months will be waived and subsequently a rental rebate for another six (6) months based on revenue sharing or base rent, whichever is lower.
In terms of marketing assistance, the member will get to market their products at Sheng Tai International’s One Stop Centres, located at Kuala Lumpur, Japan, Hong Kong and Shanghai and media partners for a period of time as well as be part of the fastest-growing membership programme, Sheng Tai World Card Membership, which has over 50,000 members currently.
Datuk Dr. Radzali Hassan, Chairman of MFA, said, “Year 2020 has been a tough year for all especially for the retail and franchise industry. Many businesses suffered great challenges during the Movement Control Order and Enhance Movement Control Order.”
According to the Minister of Domestic trade and Consumer Affairs, Datuk Alexander Nanta Linggi, food and beverage segment has dropped by 70% while education sector shrank by 80% during the Movement Control Order. There was shortage of workers, supply chain disruption and incurring operational costs despite no full operations.
“We are pleased to be working with Sheng Tai International for this meaningful initiative. We firmly believe that this will play a part in spurring the retail and franchise industry.
MFA members who would like to know more information about this, kindly contact +6011 1851 3399.
–End Of Press Release —
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