Radzali (left) and Leong exchanging the signed documents after the signing ceremony.

PETALING JAYA: Property developer Sheng Tai International Sdn Bhd is doing its part to help re-energise the economy with the recent unveiling of a RM10mil fund to support the growth of the franchise industry in Malaysia. 

The fund is accessible to the entire franchise community who are members of the Malaysian Franchise Association (MFA). These include franchisors, would-be franchisors, master franchisees, would-be master franchisees as well as suppliers and vendors of franchises.  

The launch of the fund was marked with a signing ceremony between Sheng Tai International and MFA, which were represented by Sheng Tai founder and chairman Datuk Leong Sir Ley and MFA chairman Datuk Radzali Hassan.

Leong said: “Sheng Tai International is in a unique position to provide support for the local business community as we are able to leverage on our strategically located property assets, our presence in Greater China and other countries, our experience in sales and marketing as well as our extensive network of vendors and suppliers in Malaysia and overseas.”

“This fund is aimed to provide financial assistance to the franchise industry so that these businesses can overcome the difficulties caused by the Covid19 pandemic while seizing the opportunities to expand their business further, even beyond Malaysian shores.” 

Members of MFA will have access to up to RM200,000 interest-free financial aid upon terms when they open an outlet at one of Sheng Tai International’s projects in Malaysia, namely The Sail and Metrasquare in Melaka. 

Rental fees for the first six months will be waived and subsequently a rental rebate for another six months based on revenue sharing or base rent, whichever is lower. 

In terms of marketing assistance, the member will get to market their products at Sheng Tai International’s One Stop Centres, located at Kuala Lumpur, Japan, Hong Kong and Shanghai and media partners for a period of time as well as be part of the fastest-growing membership programme, Sheng Tai World Card Membership, which has over 50,000 members currently. 

Radzali added that 2020 has been a tough year for all, especially for the retail and franchise industry. 

Many businesses suffered significant challenges during the movement control order (MCO) and the subsequent conditional MCO and recovery MCO periods, he said.