To support their expansion into South East Asia, Independent Management Group (Australia) and Lyon Asia (Malaysia) agreed on a joint venture to create a Seniors Living Operational Management and Consulting company based in Kuala Lumpur to serve the needs of South East Asia. At the time, it was envisaged that this company would have Lyon Asia as its main client and would work on a series of their developments planned to be started in late 2017.
Since the formation of IMG Lyon Asia, three things have become clear: the demand for seniors living communities and therefore for an experienced SL operator and consultant is even greater than anticipated in SEA, the number of communities Lyon Asia would be starting in the short term is limited, and lastly, there was some concern from IMG clients of potential conflict given that Lyon Asia is a developer.
These three facts have led to a fundamental change in direction for IMG. IMG and Lyon Asia have decided to dissolve the Joint Venture company and to continue our core businesses separately. Lyon Asia will now become a client of IMG, similar to any other of our client relationships. This will allow IMG to pursue its growth in SEA without having a direct relationship with a developer as a shareholder. IMG is pleased to have come to this arrangement with Lyon Asia by mutual agreement and the two companies continue to have a harmonious working arrangement.
IMG looks forward to serving the needs of this rapidly growing industry in Malaysia, Thailand, Singapore and Indonesia.