"In just six short years, Starbucks has emerged as the leading brand of specialty coffee in Malaysia," said Pedro Man, president, Starbucks Coffee Asia Pacific. "We believe that by entering into an agreement to purchase an equity stake in this market will position us to grow the brand further throughout South East Asia. This buy-in is consistent with our long-term international expansion strategy.
"We strongly believe in the potential of Malaysia based on the acceptance of the Starbucks brand in the market," continued Man. "I want to thank Berjaya for introducing the Starbucks brand to Malaysia. As the current market leader in the specialty coffee industry, we have a great opportunity to strengthen our brand presence even more."
"Starbucks has been a great partner," said Francis Lee, a spokesperson for Berjaya Group Bhd. "This increase in equity shows Starbucks long-term commitment to growing the business in Malaysia. Building on the early success we have achieved in the marketplace, we look forward to the opportunities for Starbucks in the coming years."
Starbucks opened its first store in Malaysia on December 17, 1998 at KL Plaza, Jalan Bukit Bintang. To date, there are 49 Starbucks locations in Malaysia: six in Penang, three in Johor Bahru, three in Genting Highlands and one in Kuantan, with the remainder of the stores located throughout the Klang Valley.
This cash purchase is expected to close by July 2004. Following the closing, Starbucks Berjaya Coffee Company will be owned 49.9% by Starbucks Coffee International and 50.1% by Berjaya Group Berhad, and each partner will have equal voting rights in the Company. The specific terms of the agreement were not disclosed.
About Berjaya Coffee Company Sdn Bhd
Berjaya Coffee Company (M) Sdn Bhd is a wholly owned subsidiary of Berjaya Group Berhad, a Malaysian conglomerate with business ventures in consumer marketing, hotel management, property and investment development, financial and gaming and restaurant chains locally and internationally.
About Starbucks Coffee International
Starbucks Coffee International is a wholly owned subsidiary of Starbucks Coffee Company, the leading retailer, roaster and brand of specialty coffee in the world, with more than 8,000 retail locations in North America, Latin America, Europe, the Middle East and the Pacific Rim. The Company is committed to offering the highest quality coffee and the Starbucks Experience while conducting its business in ways that produce social, environmental and economic benefits for communities in which it does business.
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