City Coin Group Investment Opportunities to Accelerate International Expansion

30 October 2024

KUALA LUMPUR: City Coin Group (CCG), Malaysia's largest self-service laundry operator, is set to accelerate its growth following the successful completion of Project Coin Tranche 1 in July 2024, which raised RM5 million for enhancements to its franchise model and technology upgrades. They are currently operating 750 outlets internationally.

This includes in Turkey and throughout Southeast Asia Malaysia, Thailand, and Brunei. CCG is now launching Tranche 2 investment opportunities to further propel its global expansion.

"Our Project Coin initiative has been a tremendous success," said Paul Ang, Founder and CEO of City Coin Group.

"The completion of Tranche 1 not only underscored our robust business model but also validated our vision for growth with the support we received from investors. With Tranche 2, we are offering a solid investment backed by favourable RAM ratings, which assures investors of our stability and financial strength."

The funds from Tranche 2 will be allocated to enhancing CCG's franchise model, advancing its technological capabilities, and expanding its international market presence in regions such as Vietnam, Indonesia, the Philippines, and the Maldives.

These areas have demonstrated strong demand for self-service laundry solutions, presenting significant growth opportunities for the CCG brand.

Investors can expect competitive returns on a two-year Islamic Investment Note with an annual profit rate of 7.65%.

As part of its expansion strategy, CCG will hire additional operational and support staff to facilitate the launch of new outlets and provide extensive training for franchisees.

Additionally, CCG will invest in upgrading outlets with the latest Tosei 3-in-1 washer-dryer technology and continue to develop services such as a pick-up and delivery option and a user-friendly app to improve customer engagement and streamline operations.

In June 2024, CCG was granted an R4 rating by RAM Rating, reflecting a strong balance of adequate security and high returns for investors.

Moreover, CCG has been recognised as the Best Franchisor in the Asia Pacific and has been included in the Malaysia Book of Records for having the most self-service laundromats, highlighting its commitment to excellence and innovation in the industry.

"The favourable RAM rating confirms our financial credibility and the success of Tranche 1 gives us confidence for Tranche 2. With the growing demand for cashless and sustainable laundry solutions, the timing is ideal for international expansion. Project Coin Tranche 2 will be instrumental in replicating our success in new markets," said Ang.

Upon completion of Tranche 2, Project Coin will continue with Tranches 3 and 4, targeting a total investment of RM20 million.