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Pawnshop operator MoneyMax to expand into Malaysia

MoneyMax Financial Services on Friday announced plans to open up to 34 pawnshops in Malaysia in the next few years.

SINGAPORE: MoneyMax Financial Services on Friday announced plans to open up to 34 pawnshops in Malaysia in the next few years.

MoneyMax -- which currently operates 37 pawnshops in Singapore -- said it will invest 15.63 million ringgit (about S$6.1 million) for a 51 per cent share of a firm to be set up with Malaysian jeweller Chong Mei Sang.

Chong owns eight pawnshops in Malaysia, most of which are located in the southern state of Johor that is closest to Singapore.

Peter Lim, MoneyMax's executive chairman, said the investment in Malaysia marked the start of the company's regional expansion.

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