Metrojaya Bhd is folding Two Companies

Metrojaya Bhd is folding Two Companies

Here is some news update. According to NST, Metrojaya Bhd is folding two subsidiaries namely East India Company Clothing (Malaysia) Sdn Bhd and Metrojaya Department Stores Sdn Bhd.

Metrojaya parent Malayan United Industries Bhd (MUI) said East India Company and Metrojaya Department Stores had obtained Metrojaya’s approval for a voluntary winding-up during their respective shareholders’ meeting on May 27. MUI owns 98.21 per cent of Metrojaya.

The voluntary winding-up was pursuant to Section 439(1)(b) of the Companies Act 2016, MUI said in a filing to Bursa Malaysia last Friday.
“The winding-up of the subsidiaries is part of MUI’s continuing rationalisation effort to simplify the structure of the MUI Group.
“In addition, the winding-up will enable the MUI Group to save future costs associated with maintaining these subsidiaries,” it added.
Chong Mun Yew has been appointed as the liquidator for the winding-up.
It is learnt that East India Company and Metrojaya Department Stores are now dormant and not the operators of East India Company and Metrojaya chains of outlets respectively.
Source: https://www.nst.com.my/business/2020/05/596754/mui-close-east-india-company-metrojaya-department-stores

There are three Metrojaya departmental stores and they are in Mid Valley Megamall, The Curve and Suria Sabah Shopping Mall. There are also two MetroJaya outlets at Brem Mall in Kepong and Permaisuri Imperial City Mall in Miri and there is one East India Company outlet at AEON Bukit Tinggi Shopping Mall in Klang.

Source: https://www.nst.com.my/business/2020/05/596754/mui-close-east-india-company-metrojaya-department-stores

Please take note that Metrojaya Departmental Stores are still open and not affected by this. We know many people are confused by the news report including us and this is the official statement by Metrojaya Facebook Page.

Source: https://www.facebook.com/METROJAYAMY/photos/a.132993352113/10158378146822114/?type=3&theater