Atlan Holdings Bhd said its indirect subsidiary, Selasih Eksklusif Sdn Bhd, has ceased duty-free operations at Berjaya Waterfront in Johor Bahru and is terminating its tenancy agreement with the landlord.
Selasih decided to close the outlet after failing to secure a renewal of its business licence from the Johor Bahru City Council despite multiple attempts. The tenancy, originally signed in March 2013 with Berjaya Waterfront Sdn Bhd (a unit of Berjaya Assets Bhd), will now be formally ended.
Selasih is a subsidiary of Singapore-listed Duty Free International Ltd (DFIL), which sells alcohol, chocolates, tobacco, perfumery, and cosmetics. Atlan holds a 75.53% stake in DFIL. Selasih’s closure was first disclosed by DFIL to the Singapore Exchange, with Atlan making a corresponding announcement to Bursa Malaysia.
For the financial year ended Feb 28, 2025, Selasih contributed about 38.6% of DFIL’s revenue and 4.6% of its profit after tax.
Atlan said negotiations with Berjaya Waterfront for a mutually agreeable termination failed, and the landlord has not yet responded to the notice.
The group noted the closure could result in a one-off exceptional net gain after tax of roughly RM17 million for DFIL, mainly from derecognising the lease, but this would be partly offset by costs related to ceasing operations, including asset write-offs, inventory markdowns, and staff retrenchments. Figures are still being reviewed.
Atlan shares closed four sen lower at RM2.75 on Thursday, giving the company a market capitalisation of RM697.54 million.
