PETALING JAYA: The closure of True Fitness branches in Malaysia and Thailand was required under the franchise agreement between Singapore-based parent company True Group and Chinese investor Tongfang Kontafarma Holdings Ltd.
According to Tongfang Kontafarma's May 7 announcement of the franchise deal to the Hong Kong Stock Exchange, True Group CEO Patrick John Wee, referred to as Mr PJW, agreed to shut down the fitness chain's operations in Thailand and Malaysia by no later than Dec 31.
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