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Swing & Pillows, Malaysia’s leading and largest co-living and hotel chain operator, is unpacking new opportunities as they announce a strategic expansion into the Bukit Bintang area. Marking a significant milestone in their growth journey, the expansion, paired with the acquisition of five hotels under the new Kingston brand, consolidates their aim of solidifying their presence in key strategic locations and expanding their reach to serve multiple market points from entry-level to premium. “This expansion marks a major move for us, and we’re looking forward to seeing the opportunities it brings,” shares Ken Lee, Chief Executive Officer of Swing & Pillows. “Traditional hospitality and housing as we used to know it has changed— with the rise in remote work, cost of living and the general changing sentiment around home ownership, there is a growing need for accommodations that offer flexibility and comfort. It’s a whole new world out there, and one that we intend to cater to as best as we can. As we expand into the Bukit Bintang area, we’re looking to go over and above our ongoing commitment to raising the bar in hospitality, in alignment with our core values of innovation, quality, and customer satisfaction.”  Co-living is a modern housing trend where individuals share living spaces and resources within a community-oriented environment, blending private and communal living arrangements to cater to the needs of those who seek both personal space and social interaction. This concept provides numerous benefits, including affordability, convenience, flexibility, and community-building opportunities. Recent data highlights positive growth in the global co-living market, with the market valued at approximately USD 13 billion in 2022, and expected to expand at a CAGR of 29.9% during the forecast period, reaching USD 63 billion by 2028.  On the local front, co-living is shifting from a niche market to a mainstream option as the concept gains popularity with the rise of digital nomads and the growing preference for flexible living arrangements. Recognising the sectors’ potential, Swing & Pillows, powered by iBilik, was established in May 2022 and has since rapidly expanded to become Malaysia’s largest co-living and chain hotel operator, boasting a portfolio of over 120 hotels and 3 resorts in major city centres, including Kuala Lumpur, George Town, Johor Bahru, Malacca, Subang Jaya, Petaling Jaya, and Shah Alam.  Initially founded to help smaller chain hotels recover from the economic slowdown post-pandemic, Swing & Pillows co-living model instead allows a portion of unused rooms to be repurposed into long-term rental units, maximising asset utilisation and creating steady alternative revenue streams. In doing so, Swing & Pillows redefines the local hospitality landscape as it caters to the evolving needs of modern travellers, expatriates, and working professionals by offering innovative and flexible accommodation solutions.  The brand’s latest expansion into Bukit Bintang, coupled with the previously mentioned hotel acquisition marks a notable shift as they seek to cater to customers within the premium market as well — locals, expatriates, and tourists alike. A literal star in Kuala Lumpur’s urban jungle, Bukit Bintang’s popularity among locals and tourists alike, thanks to its vibrant mix of entertainment, shopping, and business opportunities, makes it the ideal location from which to kick off their expansion plans.  This acquisition also reinforces Swing & Pillows commitment to providing exceptional living experiences characterised by quality and convenience. With the introduction of the Kingston sub-brand, they seek to elevate the accommodation experience, offering luxurious amenities and top-tier services to meet the expectations of discerning guests, a move that enhances their ability to serve a premium clientele while placing themselves as a dominant player in the district, and the sector as a whole.  The recent acquisitions are anticipated to significantly boost Swing & Pillows revenue, with projections indicating potential earnings of over RM 60 million by the end of 2024. Meanwhile, the brand’s focus on strategic growth and market penetration positions them for continued success and leadership in Malaysia’s hospitality sector.  As Swing & Pillows stands poised to become the biggest player in the co-living area, they remain committed to providing exceptional living experiences for their guests. For more information about them, please visit https://swingandpillows.com/ 

Sik Cheong Berhad (“Sik Cheong”), a prominent player in the repackaging, marketing, and distribution of RBD palm olein oil products, has launched its prospectus today for an initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Berhad. The company, operating through its subsidiaries, specializes in refined, bleached, and deodorized palm oil products marketed under brands such as “Sawit Emas,” “Vitamas,” and “Pingat Emas,” alongside third-party products like margarine upon customer demand. With over three decades of experience, Sik Cheong serves a diverse clientele including retailers, wholesalers, hospitality sectors, and food manufacturers, with notable long-term relationships such as The Chicken Rice Shop Restaurant Sdn Bhd and NSK group of companies. Managing Director Mr Wong Hing Ngiap highlighted the essential role of RBD palm olein cooking oil in Malaysian cuisine, noting its dominant market share in the country’s vegetable oil consumption, which accounted for 76.7% in 2023. Anticipating further growth, Sik Cheong plans to leverage IPO proceeds to expand its operations significantly. This includes rebuilding Factory No. 9 to enhance packaging capabilities, particularly for a new high oleic soybean oil product line, and acquiring modern machinery and equipment. Strategically, Sik Cheong aims to broaden its market reach beyond Kuala Lumpur and Selangor into neighbouring states such as Perak, Negeri Sembilan, Melaka, and Pahang, supported by an expanded fleet of delivery trucks to ensure efficient distribution. The IPO targets to raise RM17.8 million, with allocations earmarked for facility expansion (40.3%), new delivery trucks (5.0%), working capital (33.4%), and listing expenses (21.3%). The public offering comprises 66.0 million new shares (24.8% of enlarged share capital) and 20.0 million existing shares (7.5%), including private placements. Financially, Sik Cheong reported robust revenue growth from RM42.6 million in FYE 2021 to RM79.6 million in FYE 2024, with a compound annual growth rate (CAGR) of 23.2%. Profit after tax also demonstrated strong growth, achieving a 50.6% CAGR over the same period, totalling RM6.3 million in FYE 2024. Applications for the IPO are open until 30 July 2024, with Sik Cheong scheduled for listing on 13 August 2024. TA Securities Holdings Berhad serves as the Principal Adviser, Sponsor, sole Underwriter, and Placement Agent for the IPO exercise, underlining confidence in Sik Cheong’s market debut.