Business Times 25 June 2012
KUALA LUMPUR: South Korea's well-being household electronics appliances maker Woongjin Coway plans to float its Malaysian unit on the local bourse by 2015.
Woongjin Coway (M) Sdn Bhd managing director James Park Jae Young said the company has already started the groundwork for the initial public offering on Bursa Malaysia.
"We hope that it will be realised in another three years time," he told Business Times in a recent interview.
Malaysia is Coway's fourth overseas market after China, Japan and Thailand.
"We are the strongest overseas branch outside of South Korea," he said.
The company posted sales revenue of RM111 million last year and Park is optimistic the revenue will increase to RM160 million this year.
It has attracted 100,000 customers so far and its customer base is expected to double next year.
Park said the company's strongest revenue comes from water purifiers. However, the bidet is also expected to contribute significantly towards its earnings this year.
The company expects to sell at least 6,000 bidets this year, which is a marked improvement from the 1,000 units they sold last year.
"It's a 500 per cent increase from what we sold last year and we are confident of achieving it as more Malaysians are now willing to try the bidets which do literally everything for you like washing and what not," he said.
For water purifiers, Coway Malaysia holds the number one position in the country with over 3,000 units sold in a month, while the air purifiers are among the top two in terms of sales.
The company is also looking at expanding its branches and staff.
"We have over 50 branches nationwide and more than 2,500 staff to service our product lines," he said.
Established in 1989, Korea Stock Exchange-listed Woongjin Coway has successfully maintained the number one position in water purifier market in South Korea for over 22 years.