Teamstar To Roll Out 10 New Outlets By 2028

KUALA LUMPUR, Feb 25 (Bernama) -- Newly listed Teamstar Bhd plans to expand its footprint by opening 10 additional retail outlets in Malaysia by 2028 on top of its existing 29 outlets nationwide.

Chief financial officer Tan Jian Wei said the home improvement industry player intends to open three to four new outlets annually starting this year, with a focus on Johor Bahru, Penang and Kedah.

“Penang is a new retail market for us as we have yet to establish a store there, although we already have a warehouse in the state.

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“Besides expansion, we also plan to upgrade some of our existing outlets to incorporate showroom concepts. These will serve as showroom-cum-retail stores to showcase mock-ups of our brands and products, including authorised third-party brands for kitchen and living spaces,” he told a press conference after the company’s listing ceremony here today.

The Malaysia-based retailer and trader of furniture fittings, hardware, and home appliances made its debut on the ACE Market of Bursa Malaysia at 26 sen a share, the same as its initial public offering (IPO) price, with 16.70 million shares traded.

At 5.00 pm, the counter closed at 23.5 sen, down 2.5 sen from its IPO price, with 80.21 million shares changing hands.

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Meanwhile, Tan also said the company is planning to establish a megastore in its main operating area, namely Puchong, Selangor, where it will consolidate a lot of Teamstar's products in one big area of around 3,000 to 4,000 square feet.

“For the megastore, we are looking at a timeline beyond three years. We will assess market feedback and adjust our plans accordingly,” he said.

The company also aims to open two more warehouses, expected either this year or next.

In addition, he noted, the company is expected to leverage opportunities arising from the Johor-Singapore Special Economic Zone (JS-SEZ), particularly as the Johor region becomes more developed, coupled with robust development in property and refurbishment activities in Johor Bahru driven by the JS-SEZ initiative.

Tan said the company remains comfortable with its current leverage level, noting that its gearing ratio is below 0.3 times and supported by its strong cash-generating position.

Citing an independent market research (IMR) report, Tan said the overall home improvement industry in Malaysia was valued at more than RM45 billion as at January 2025.

However, he noted that the figures include major building materials such as cement, aluminium and steel profiles, while Teamstar focuses specifically on interior fittings, furniture fittings and general hardware products.

“Currently, Teamstar accounts for about 0.3 per cent of the total market share. According to the IMR report, the industry is projected to grow at an annual rate of 4.4 per cent and exceed RM50 billion by 2029,” he said.

-- BERNAMA