SCANWOLF Corp Bhd shares climbed to seven-year high of 93.5 sen yesterday following its various strategic partnerships to enhance its product placement in the consumer market.
Scanwolf’s wholly owned subsidiary, Scanwolf Marketing Sdn Bhd, has signed an exclusive distributorship agreement with Signature Cabinet Sdn Bhd, a wholly owned subsidiary of Signature International Bhd, to collaborate on project sales.
The ultimate aim of the collaboration is to create value for its client through the renowned flooring material and kitchen cabinets offered respectively.
Scanwolf Marketing had also entered into a distributorship agreement with Beyond Bath Sdn Bhd (Sorento Master Club) to collaborate not only to cross-sell each other’s brand but to utilise the existing business platform and sales network to create values to its client.
Both companies seek to pool their respective resources and expertise to join forces in penetrating both the project market and consumer market.
Signature will use its competitive advantages and expertise in the built-in kitchens and wardrobes segment to enrich Scanwolf products and services offerings to developers and its consumers.
“This collaboration is further strengthened with the partnership with Beyond Bath where Scanwolf products will be formally introduced and shared through the Sorento Master Club platform that is catered exclusively to interior designers,” the company said in a filing to Bursa Malaysia yesterday.
Scanwolf added that the exclusive members of Sorento Master Club will have full access to detailed information on all of Scanwolf’s product offerings.
Scanwolf Marketing GM Tan Yann Kang said these agreements are signed to foster long-term growth with partners.
“This will also benefit customers in getting more affordable wooden products at a best price point,” Tan said during the signing ceremony at its flagship showroom in Kota Damansara.
To date, the company has successfully completed the private placement of about 17 million new shares and raised an amount of nearly RM9.5 million.
He added that the proceeds from the private placement will be utilised to finance its expansion including investing in a new SPC flooring production.