Affin extends RM500mil loan for MV6 to buy Cold Storage Singapore
This fully finances MV6's acquisition of a 100 per cent stake in Cold Storage Singapore (1983) Pte Ltd from DFI Retail Group Management Ltd.
Affin Group president and group chief executive officer Datuk Wan Razly Abdullah said the deal is a transformative venture and strengthening Malaysia's leadership in Asean commerce.
"Affin is proud to support Macrovalue in this historic entry into Singapore and this is not just a financing deal.
"It is about enabling regional growth and creating a bridge for capital, talent, and resources between Malaysia and Singapore," he said during the ceremony.
He added that the acquisition of 89 retail outlets in Singapore, comprising 48 Cold Storage stores and 41 Giant outlets followed the successful turnaround of GCH Retail (Malaysia), including Giant Malaysia.
With Malaysian strong infrastructure and a localised strategy, MV6 aims to deliver greater affordability and variety to Singaporean consumers while strengthening Cold Storage's position as a premium retail brand.
MV6 executive chairman Datuk Andrew Lim said it has plans for further expansion of store openings.
"Our appetite to expand is very great. As long as the stores are profitable, we will open more," he said.
MV6 aims to further cement its regional retail leadership by opening six new Cold Storage outlets in Singapore and 12 new Giant stores in Malaysia this year.
Despite global economic concerns, Lim said the demand for food and groceries remains strong with minimal reliance on United States imports.
As part of its growth trajectory, MV6 expects a 10 per cent increase in revenue in Malaysia and Singapore.
The group aims to raise its total turnover to RM5.6 billion, with a longer-term target of RM7 billion as expansion and integration efforts mature.
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