Question: On taking over the helm of the business from his father
Andrew: Although it has just been six months, it feels much longer than that due to the huge responsibility that comes with the job. I feel a burden of responsibility to ensure that the group is positioned to be sustainable, and that there is longevity in the long run.
Growing up, I’ve had a lot of opportunities to be up close and personal with my father, seeing him in action during his prime years. So, I can glean a bit of knowledge from him.
My father’s advice to me is there is no shortcut to success. It is about working hard, giving full commitment to the business, even though this calls for personal sacrifices at times.
On management principles
There are three guiding principles – strength, efficiency, trustworthiness – built within the MUI group that I want to keep alive. But the question is how do we evolve to make sure that we are still relevant in the future.
So, while staying true to those guiding principles, my management style will be a bit different. I want to move towards a performance-management culture.
I also believe in open communication and being more transparent. We want to make sure that we communicate clearly what our vision is for the group and where we are going, so that people can understand and buy into the vision. Amid our ongoing corporate restructuring exercise, we are attempting to build the right team that can drive the business forward. I’ve brought back some of the “old guards”, those who had been with my father in the 1980s during the heydays of MUI, while taking in “new blood” to generate new ideas to help us in our business transformation because I want a mixture of the group’s rich history and the future of where we are going.
On turning around the company
Our initiative involves corporate restructuring, business transformation and deleveraging. We need to streamline the group’s business, reduce redundancies and improve efficiencies to strengthen our position in the marketplace and improve our competitiveness. We will focus on our core activities – retail, hospitality & property, and food - so that we can become stronger in those areas.
Meanwhile, we are also transforming our business to make it more lifestyle-driven. In line with this initiative, all our brands are being refreshed to adopt a lifestyle concept.
We also want to deleverage to reduce our gearing to put ourselves in a more stable footing to weather any kind of challenges ahead.
On asset rationalisation
Currently a strategic review is being undertaken, which means anything can be for sale.
Ultimately, it is a question of price. If a bidder comes in with the right price, we will consider it seriously. Our overarching goal is to pare down our debt and reduce our gearing to a comfortable level.
On potential strategic partnerships
We are open to strategic partnerships to grow our business. As long as, the group is aligned to our business goals and ethics, we don’t mind tying up and having strategic partnerships/investors so that we can grow together.
On medium to longer term goal for the company
We want to put the group in a stronger and firmer footing, and deliver value to our stakeholders.
We also want to bring back the relevance, and make MUI one of the strong corporate players in the market.
Both Metrojaya and Parkson should collaborate in pool procurement to reduce cost. -similar like the Tesco and Carrefour strategy. I still holding tight this counter. I believe aggressive, young Andrew should able to push for a big turnaround of this long forgotten corporate flyer
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Wa Lan Yeah....
Andrew also said before you buy in more MUI, you MUST buy PMH 1ST.
The reason is because TTHuat is going to Huat 1st lor and the next reason is because
MUI is still looking to dispose of its stockbroking unit – PM Securities Sdn Bhd – which is held through its 69%-owned Pan Malaysia Holdings that is PMH lah...
ha ha ha huiii!! huiii!! huiii!!.... ha ha ha huiii!! huiii!! huiii!!....
for those stuck in mui can switch to hubline at 6.5cent that u can get about 3times more in share quantity from muiind. isn't that would be 3 times faster when going up soon?
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
calvintaneng
56,806 posts
Posted by calvintaneng > 2018-06-21 20:46 |
Post removed.Why?