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Treasure Global Expands into FMCG & E-Commerce With 51% Stake in Tien Ming Distribution
Treasure Global, a company focused on digital commerce and financial technology solutions, has announced the acquisition of a 51% controlling stake in Tien Ming Distribution Sdn Bhd (“Tien Ming Distribution”) through its subsidiary VWXYZ Venture Sdn Bhd (“VWXYZ Venture”). This significant step allows the company to expand its reach into Malaysia’s growing fast-moving consumer goods (FMCG) and e-commerce sectors.
Through this acquisition, Treasure Global aims to gain 10% of Fraser & Neave Holdings Bhd (F&N) ‘s annual sales. Tien Ming Distribution is the exclusive fulfilment partner for F&N, a top food and beverage company in Malaysia. By combining Treasure Global’s advanced digital commerce solutions with F&N’s established distribution network, the company is set to enhance revenue growth, streamline operations, and strengthen its position in these competitive industries.
Expanding into Malaysia’s Growing FMCG and E-Commerce Markets
Data from Statista shows that Malaysia’s FMCG market is projected to grow at a compound annual growth rate (CAGR) of 7.95% between 2023 and 2027. By 2033, this market is expected to hit USD 159 billion with a CAGR of 3.66% for 2025–2033.
As one of Malaysia’s top beverage brands, F&N continues to secure its market leader position. Its acquisition offers Treasure Global substantial growth potential by integrating its services into one of Malaysia’s largest F&B supply chains.
This move strengthens the company’s logistics and fulfilment abilities while opening new revenue channels. It also supports Treasure Global’s strategy for long-term growth and positions the company for regional expansion across Southeast Asia, creating value for its shareholders.
Unlocking Revenue Growth with a USD116 Million Opportunity
Treasure Global expects to generate USD116 million in revenue over the next three years. This growth will stem from its ability to tap into 10% of F&N’s annual sales, valued at USD1.16 billion. By distributing popular brands like 100PLUS, F&N SEASONS, and Magnolia, the company aims to solidify its footprint in the FMCG sector.
Additionally, Treasure Global plans to grow its e-commerce presence through TM Grocer, Tien Ming Distribution’s online grocery platform. This expansion aligns with the increasing popularity of online shopping in Malaysia. The integration of these strategies will improve Treasure Global’s financial performance, enhance its logistics and fulfilment operations, and drive long-term growth, benefiting investors.
Key Advantages and Strategic Benefits
- Robust Fulfilment Network: Tien Ming Distribution manages warehousing, fulfilment, and delivery for F&N Life, ensuring efficient nationwide distribution.
- Scalability in Omni-Channel Operations: Treasure Global uses its proprietary e-commerce technology alongside Tien Ming’s logistics infrastructure to improve service and efficiency.
- Board Majority: Treasure Global secures a majority on Tien Ming’s board, ensuring strong alignment with growth objectives.
- Planned Investments: The initial investment of RM500,000 (about USD110,000) will be followed by up to RM3,000,000 (about USD660,000), depending on performance and future needs.
“This acquisition is a major step forward in our growth strategy,” said Carlson Thow, CEO of Treasure Global Inc. “By combining Tien Ming Distribution’s proven logistics expertise and its partnership with F&N with our digital commerce strength, we’re set for significant operational growth. The USD116 million revenue potential highlights the financial impact of this move, offering long-term value for both Treasure Global and our investors.”
About Tien Ming Distribution Sdn Bhd
Tien Ming Distribution specializes in logistics and e-commerce fulfilment, serving as the exclusive partner for F&N Life. The company also operates TM Grocer, an online grocery platform designed for convenience and reliability. These capabilities make Tien Ming a key player in Malaysia’s FMCG and e-commerce markets.
About Fraser & Neave Holdings Bhd (F&N)
F&N is a leading player in Malaysia’s FMCG sector, which has over a century of history. Its product range includes well-known brands like 100PLUS, F&N SEASONS, and Magnolia. In fiscal 2024, F&N reported RM5.25 billion (around USD1.16 billion) in revenue, highlighting its market dominance.
About Treasure Global
Treasure Global is a Malaysian company known for developing innovative technology platforms to support digital transformation. Its flagship product, the ZCITY Super App, combines e-payment solutions with customer rewards to create a connected digital ecosystem. As of November 2024, the app has attracted over 2.9 million users, establishing Treasure Global as Malaysia’s digital economy leader.
