Focus Point admits mistake, offers IPO exit option

Finally, an official announcement from Focus Point (From Business Times).
So that means even after this fiasco, Focus point will only equipt 30 of its outlet with professionals that can dispense contact lens legally.

Makes you wonder about the other optical chains in Malaysia.

The below abstract can be found here



Focus Point admits mistake, offers IPO exit option


Focus Point Holdings Bhd has admitted that 38 of its stores have broken the law on contact lens prescription and it has offered investors the chance to get their money back.

The country's largest professional eyecare chain said 38 outlets were found to have dispensed contact lenses without the presence of a qualified optometrist or optician.

Although over-the-counter sales of disposable contact lenses is a common industry practice, this is against the Optical Act 1991. Focus Point said it has ceased doing so from yesterday, it said in a statement to Bursa Malaysia.

The group had to postpone its listing on the stock market at the eleventh hour on July 27 following an anonymous allegation about its business. One of the complaints is that there were instances when contact lenses were prescribed by unqualified staff.

"Prior to this cessation, as at December 31 last year, 38 of the group's 64 eye care centres were found to have been dispensing contact lenses over the counter without a qualified optometrist or optician," the company said.

There were instances where certain outlets dispensed contact lenses without the physical presence of these qualified personnel.

Focus Point said its remaining outlets were serviced by 13 optometrists and three opticians qualified to prescribe and dispense contact lenses. It currently has 144 outlets nationwide.

President and chief executive officer Datuk Liaw Choong Liang in a press statement issued later in the evening said the company has given its full cooperation to the regulators.

Focus Point said it has extended an exit option to investors who have subscribed for its shares under the public issue.

"Investors can exit, should they, for any reason wish to do so," the company said. Its new listing date is on August 23 2010.

Focus Point plans to have either an optometrist or optician qualified to prescribe and dispense contact lenses at each of its top 30 professional eye care centres