Naluri acquisition to offer Atlan expansion platform

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The Malaysian operator is hoping to grow its duty-free business through Naluri?s stake in rival retailer Sriwani

Malaysian firm Atlan Holdings is anticipating strong synergies from the acquisition of a 32% stake in Naluri, which will include part ownership of rival duty-free retailer Sriwani's operations. Atlan, which runs a store in the duty-free complex at Padang Besar, expects the deal to be completed by the third quarter of 2004, and is looking to grow its duty-free business both domestically and internationally.

Naluri is planning to purchase a stake in Sriwani, which operates 15 duty-free stores throughout Malaysia, as part of a restructuring programme, and Atlan executive director Datuk David Woo said that there was huge potential for the company's duty-free business.

?Pulau Tioman has been declared a duty-free island and if the opportunity arises we may set up an outlet there,? said Woo. ?Once the acquisition of Naluri is completed, we will also look at working with Sriwani to expand the duty-free business.? Woo added that international expansion would be made possible by a tie-up with another duty-free operator like Sriwani.