KUALA LUMPUR (May 4): XL Holdings Bhd (KL:XL) has entered into a deal to acquire 34 Giant Mini outlets in the Klang Valley for RM15 million, marking its entry into the convenience retail segment.

The company said its wholly-owned subsidiary XL Retail Sdn Bhd inked the asset purchase agreement with Jutaria Gemilang Sdn Bhd.

In a filing with Bursa Malaysia, XL Holdings said the move represents a strategic diversification into the retail segment. “The proposed acquisition will provide an additional income stream and reduce reliance on the group’s existing core business, while serving as a platform for future expansion in the retail segment,” the company said.

The acquisition is expected to be completed by May 31 and contribute positively to XL Holdings' future earnings.

Funded via internally generated funds, the RM15 million purchase price will be paid in stages — RM1 million upfront, RM2 million upon signing of the agreement, RM8.6 million by May 20, and the remaining RM3.4 million on completion.

XL Holdings is primarily involved in the commercial captive breeding of Asian arowana, stingrays and other ornamental fish, as well as the trading of aquarium-related products such as tanks, accessories, feed and medication. It also trades and distributes edible bird’s nest.

For the nine months ended Jan 31, 2026, the company’s net profit declined 17.63% to RM5.95 million from RM7.22 million a year ago, while revenue increased 2.73% to RM93.68 million from RM91.19 million.

On Monday, shares of XL Holdings closed half a sen or 0.74% lower at 67.5 sen, giving a market capitalisation of RM325.58 million.