Kuala Lumpur, Malaysia – Astro has announced that it is now ceasing the operations of its home shopping business Go Shop, following a strategic business review alongside Korean joint venture partner GSR. The exit officially takes effect on October 11.
According to both companies, both have agreed to cease operations of said business for significant cost-saving measures.
They also cited that there has been a significant downturn in this mode of shopping since the pandemic, and that the business closure will ensure that Astro’s resources are focused on business lines that contribute the biggest difference to the overall operations.
“Go Shop wishes to take this opportunity to thank all its customers and partners for their strong support over the past years. The Company also wishes to express their gratitude to the Go Shop team for their passion and dedication to the brand over many years,” the online statement said.
Go Shop, which was operated under Astro GS Shop Sdn Bhd, was a a joint venture established between Astro Retail Ventures Sdn Bhd, a wholly owned subsidiary of AMH, holding 60% equity interest and GSR holding the balance of 40%.
Moreover, it is not considered a material subsidiary of AMH and is not expected to have material effect on the group’s consolidated earnings per share, net assets per share or gearing for FY24.
