17 ANNUAL REPORT 2023 MST GOLF GROUP BERHAD INCREDIBLE REGIONAL OPPORTUNITIES As the first golf specialty retail chain operator to be listed on Bursa Malaysia Securities, we welcome the strong support for our listing, which reflects investors’ understanding of our unique offerings, our vision and appreciation of the value creation objectives in our business strategies to expand locally and regionally into new geographical areas. Through this report, we believe that greater insights into the public listing on the Main Market of Bursa Malaysia Securities will give our shareholders and investors a clearer picture of our long-term intentions. This includes our perspective on how the market, with more than 20 million golfers in Asia1, is evolving and how we aim to position ourselves to capture these opportunities. The fundamental reason for our listing is to fasttrack our regional growth ambitions. The brands that we represent and work with are encouraging and urging us to provide our retail solution in South East Asia and offer our world-class retail platform to deliver their brands’ experience and cater to the growing golf demand and interest. Therefore, the funds obtained from our listing will ensure that our expansion within the region continues uninterrupted and is executed at a desired pace. We have since taken our first step in this direction, through our joint venture with Indonesian retail player, Erajaya Active Lifestyle, a leading provider of multi-brand retail and distribution solutions for active lifestyle products to spearhead our foray into Indonesia. Their recent listing on the Indonesia Stock Exchange and deep understanding of the entire local retail ecosystem, makes them a valuable partner as we plan to drive the MST Golf presence in the world’s fourth most populated country. We are humbled to share that the strong partnership has led to the opening of the first MST Golf store in Indonesia located at La Piazza, Summarecon Mall Kelapa Gading, Jakarta in December 2023 followed by a second store at Pondok Indah Mall, Jakarta in February 2024 - ahead of our plans. We will employ this strategy of partnering with strong retailers that possess extensive knowledge of the local retail and supply chain landscape, human resource management and regulations in the other target countries, Thailand and Vietnam. Our negotiation with potential joint venture partner in Thailand is on track and we aim for our presence by the fourth quarter of 2024 and expedite our entry into Vietnam by 2025. With our leadership position, strong retail and distribution management processes, and long-standing relationships with brands, MST Golf is well-positioned to expand our golf retail business into new geographical areas in the region. 1 https://www.golfindustrycentral.com.au/golf-industry-news/ asia-golfs-popularity-in-asia-pacific-surging MST Golf Arena in Indonesia is the first in Asia to be equipped with the Trackman iO technology.
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