Kuala Lumpur: Cuckoo International (Mal) Bhd is set to invest RM5 million in opening 10 new ‘brandshops’ across Malaysia over the next two years. These establishments will function as physical ‘cash and carry’ outlets in the country, marking a shift from the current model of product demonstration centres.

According to BERNAMA News Agency, the company plans to establish these shops in Kuala Lumpur, Penang, and Johor within the year. The remaining outlets are slated to open in Selangor, Melaka, Perak, Kelantan, Terengganu, and Kedah by the following year. Cuckoo Malaysia’s chief operating officer, Toh Seng Lee, emphasized the need for such outlets, noting that current products require installation, making it inconvenient for direct purchases. The company also plans to showcase its rice cooker, which holds an 87 percent market share in South Korea, and aims to introduce it to the Malaysian market soon.

Meanwhile, executive director and CEO Bryan Yeong announced an additional RM10 million allocation for market expansion in Singapore over the next two years. The company has been operating in Singapore for six years and is eager to broaden its presence there.

Cuckoo Malaysia recently made its debut on Bursa Malaysia’s Main Market at RM1.09, slightly above its initial public offering (IPO) price of RM1.08. The IPO raised RM184.8 million, with 56.7 percent earmarked for product purchases to boost the rental business, and 21.6 percent allocated for debt repayment. Furthermore, 2.7 percent will go towards opening retail outlets, 3.0 percent for IT upgrades, 5.4 percent for the Singapore expansion, with the remainder covering listing expenses.

Currently, Cuckoo Malaysia stands as the second-largest player in the home appliance rental market, holding a 23.1 percent market share as of December 2024. At the close of its first trading day, the company maintained its opening price of RM1.09, with 42.73 million shares traded.