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Wednesday, January 6, 2010
Malaysia to mull foreign hypermart rules
The Cabinet will mull over the long-awaited new rules that will govern the lucrative business of foreign hypermarkets in the country, as early as today. Sources say the new rules would be crucial because the Government froze licences for new stores for foreign retailers like Tesco, Giant and Carrefour last year. "It is not certain if the recommendations will be approved in totality by the Cabinet," the source told Business Times. The Ministry of Domestic Trade, Co-operatives and Consumerism will present the revised guidelines to the Cabinet. The source was unable to reveal the changes and recommendations, but said that the 30% Bumiputera equity for foreign hypermarkets remains. Industry players have indicated that changes could include a reduction in the population-to-hypermarket ratio and the revocation of licences if retailers took too long to start operation. (BT)