Great Group Holdings to buy majority stake in Malaysian-based fashion business

Great Group Holdings has agreed to acquire a 90 per cent stake in a business that provides sourcing, procurement and design services to the garment and fashion industry in Malaysia for $8.65 million.

The purchase of Basic World Resources is in line with the group's overall strategy to focus on and grow its fashion business segment.

As part of the deal, the seller - who was identified only as a Malaysian sole shareholder of Basic World - is required to transfer his current companies in Malaysia, including Bigo Trading, Profit Debut and Basic World Garment to Basic World Resources.

In response to the weak financial performance of its contract manufacturing business for the last two financial years, the Great Group has announced that it is exploring various options with respect to its contract manufacturing business, including restructuring and selling the contract manufacturing business.