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KUALA LUMPUR, 11 April 2016:

QL Resources Bhd’s wholly-owned unit, Maxincome Resources Sdn Bhd, has signed a franchise agreement with Tokyo-based FamilyMart Co Ltd for the development and operation of FamilyMart convenience stores in Malaysia.

In a filing to Bursa Malaysia today, QL Resources said the expansion into the convenience store chain business with the established FamilyMart brand will open up bigger growth opportunities.

QL anticipates to open the first FamilyMart in Malaysia by December 2016.

“It is also a strategic downstream expansion of QL’s existing food manufacturing and distribution businesses that creates synergistic effect for the group.”

It said the agreement was for 20 years and renewable for subsequent periods of 20 years each at franchisee’s option.

“The agreement is also conditional upon successful franchisee registration of Maxincome with Ministry of Domestic Trade, Cooperatives and Consumerism.”

FamilyMart Co Ltd, the franchisor, is a listed company on the Tokyo Stock Exchange.

The company, ranked as the second largest convenience store chain in the world, has 17,540 stores in seven countries worldwide as at 31 March 2016.

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