Kuala lumpur: Bentley Music Group Bhd (BMGB) is expected to expand its retail network into East Malaysia by the end of this year. Executive director Lewis Siu Man Hooper stated that the company is laying the groundwork to identify a suitable site for expansion, as its distribution network in East Malaysia is already in place.
According to BERNAMA News Agency, Siu emphasized that the expansion is aimed at enhancing the company's visibility and brand value, which has been nurtured over the past 50 years. "The basic principle of getting into the market is to enhance, not just because of market share, but it is also to enhance the visibility of our company, our image, of what we have done to nurture the talent of this industry for 50 years," he said during a press conference following the company's listing ceremony.
BMGB specialises in the retail and wholesale of musical instruments and sound reinforcement systems, supported by its Bentley Music Academy at its Petaling Jaya and Kuala Lumpur showrooms. It operates four retail showrooms in Kuala Lumpur, Selangor, Penang, and Johor under the Bentley Music brand.
Meanwhile, BMGB debuted on the LEAP Market of Bursa Malaysia at 15 sen, a premium of 3.0 sen from its IPO price of 12 sen, with 10,000 shares traded. The company stated that its market capitalisation reached RM30 million upon listing, and part of the IPO proceeds will be used to enhance the group's operational capabilities and market reach, focusing on geographical expansion.
The company plans to allocate RM2 million, or 66.67 percent of the gross proceeds from the private subscription, as start-up costs for establishing a retail showroom in either Kota Kinabalu or Kuching. This expansion aims to capture growth opportunities in underserved regional markets and diversify the group's revenue base beyond Peninsular Malaysia.
Siu also addressed the impact of artificial intelligence (AI) on the music industry, noting that while AI can enhance certain aspects of music, creative input from composers and musicians remains essential. "AI elements can be added to the songs that have been written to enhance certain parts of the music, but you still need the creativity part of it (from humans). You still need the (actual) instruments as a (musical) tool. I think AI can also help to complement our business very well," he said.