DFI up 5.8% on sale of Singapore food business
It is selling its Singapore food business to South-east Asian retail conglomerate Macrovalue (Malaysia) for an initial purchase price is S$125 million
[SINGAPORE] Shares of DFI Retail Group jumped on Monday (Mar 24) after the supermarket and retail store operator announced its divestment of its Singapore food business.
The company had yet to announce the deal on the Singapore Exchange as at 2.37 pm.
As at 2.01 pm, the counter rose US$0.13 or 5.8 per cent to US$2.38 – an intra-day high, after some 1.2 million shares changing hands. The last time it traded at such levels was Feb 11.
It last closed US$0.02 or 0.9 per cent higher at US$2.25 on Friday, before the news.
At 2.29 pm, the counter had eased back down slightly to US$2.37, still up US$0.12 or 5.3 per cent as 1.6 million shares were switching hands.
On Monday morning, the group announced that it was selling its Singapore food business to South-east Asian retail conglomerate Macrovalue (Malaysia) for an initial purchase price is S$125 million, subject to adjustments.
Macrovalue is set to fully acquire Cold Storage Singapore, which comprises 48 stores (under the Cold Storage, CS Fresh and Jason’s Deli brands), 41 Giant stores and two distribution centres.
The transaction expected to be completed in the second half of 2025, according to DFI.
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