KUALA LUMPUR: Malaysia's vending machine market has been steadily expanding in recent years due to shifting consumer tastes and rising demand for easy-to-shop options.
Teda Smart Pharma Sdn Bhd and Asrega Corporation Sdn Bhd have signed a memorandum of agreement (MoA) to increase the deployment of vending machines in strategic locations in an effort to take advantage of this trend.
This transformative collaboration, valued at more than RM10 million, underscores the commitment of both companies to innovation, convenience, and robust economic growth.
"This agreement is a crucial step in our expansion portfolio, aligning perfectly with our ambition to go public (IPO) within the next three years," said Teda Smart Pharma chief executive officer Calvin Na.
"The synergy between Teda Smart Pharma and Asrega Corporation is poised to reshape the vending machine market in Malaysia, bringing unprecedented convenience and choice to consumers," he said.
Meanwhile, Asrega Corporation managing director Asmad Ahmad said that the company's dedication to innovation and expansion is demonstrated by its partnership with Teda Smart Pharma.
According to Asmad, the company wants to provide the general public with a seamless shopping experience in addition to placing vending machines in key locations.
"By expanding our presence in various areas, we anticipate not only enhanced convenience for the public but also substantial growth in sales revenue.
"We are confident that this partnership will result in a remarkable 300 per cent growth from this targeted investment within the next two years, contributing significantly to Asrega Corporation's success story," he said.
Asrega Corporation's vision is to have these state-of-the-art vending machines strategically placed in high-traffic areas, including but not limited to office complexes, transportation hubs, and public spaces.
The company aims to enhance accessibility for the public while concurrently driving sales revenue growth through the diversified product offerings available in the vending machines.
Asrega Corporation focuses on increasing the number of deployed vending machines. The company aims to achieve a substantial increase in sales revenue, providing a significant boost to its overall financial performance.
The goal is not only to meet the current needs of consumers but also to anticipate and cater to future trends in retail and convenience.
