Singapore's Cold Storage, Giant supermarkets sold to Malaysia's Macrovalue in S$125m deal
DFI Retail Group and Macrovalue announced today that the deal includes 48 Cold Storage stores — operating under CS Fresh, CS Gold, and Jason's Deli brands — along with 41 Giant outlets and two distribution centres.
According to The Straits Times (ST), the transaction is expected to be completed in the second half of 2025, with Macrovalue acquiring full ownership of the businesses.
DFI, which is listed in Singapore, said it will shift its focus to its Guardian Pharmacy and 7-Eleven convenience store operations in Singapore and other markets, including Thailand, Hong Kong, and the Philippines.
Following the announcement, DFI's share price rose 3.5 per cent by 1.30pm.
Macrovalue already owns Cold Storage and Giant stores in Malaysia, having acquired GCH Retail Group in 2023, which previously operated the brands there.
As reported by ST, Macrovalue co-owner Datuk Andrew Lim said the acquisition would allow the company to "enhance operational efficiencies, optimise regional supply chain capabilities and elevate the overall customer experience."
'We will ensure the continuity of local management and operational teams to continuously improve the quality of service for customers,' he was quoted as saying.
ST reported that Lim Boon Cheong, DFI Retail Group's current managing director for Food Singapore, will continue to lead Cold Storage as its managing director. He has held several senior roles within DFI, including CEO of Cold Storage Singapore and CEO of Group Convenience, overseeing 7-Eleven operations in Hong Kong, South China, and Singapore.
DFI chief executive Scott Price said the company will now focus on growing its Guardian and 7-Eleven businesses.
'In today's environment of rising food costs and inflation, it is essential to leverage scale and operational efficiencies to protect customers from price volatility while maintaining quality and service standards,' he told ST.
DFI's supermarket operations in Singapore returned to profitability in 2024 after years of losses, though the company expects revenue to remain stable amid stiff competition.
In 2024, 11 Giant outlets closed, while five new stores opened under DFI's supermarket brands, including CS Fresh in Chancery Court and New Bahru, Cold Storage in Pasir Ris Mall and Suntec City, and Giant in Tengah Plantation Plaza.
Some existing outlets, including Giant at IMM in Jurong East and Simei MRT station, as well as Cold Storage in Tampines 1, have been renovated and upgraded.
The latest closure was Cold Storage at Leisure Park Kallang, which shut its doors on March 10. No outlets were closed between November 2024 and February 2025.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
3 hours ago
- Business Wire
Xsolla Expands Payments in Asia to Support FPX, K PLUS, AIS, Indosat, and MerPay
LOS ANGELES--(BUSINESS WIRE)--Xsolla, a global commerce company helping developers launch, grow and monetize their games, announces today a significant expansion of its payments solution across Southeast Asia, reinforcing its commitment to delivering localized, mobile-first checkout experiences in the world's fastest-growing gaming markets. With the launch of ShopeePay in Malaysia, Singapore, and Thailand, FPX in Malaysia, K PLUS and AIS in Thailand, Indosat in Indonesia, and MerPay in Japan through Xsolla Pay Station, developers and publishers can now offer more trusted regional payment methods to players across Asia, boosting conversions and driving long-term engagement. The gaming market in Asia continues to grow at an extraordinary pace. The mobile gaming content market in the Asia-Pacific region is projected to surpass $70 billion by 2025, with mobile gaming expected to account more than 60% of all gaming revenue in the region - underscoring the explosive growth and dominant role of mobile in Asia's gaming landscape. Success in this mobile-first, highly localized market requires deep cultural alignment, especially at checkout. Players expect frictionless access to games and prefer to pay using popular digital wallets, bank transfers, or carrier billing rather than global credit cards. Key benefits of the Payments in Asia expansion include: Trusted Local Payment Methods with Proven Reach: Xsolla Pay Station now supports ShopeePay (dominant in Malaysia and Singapore e-commerce), FPX (used by 90% of Malaysian consumers), K PLUS (Thailand's top mobile banking app with 22.8M users), AIS (Thailand's #2 mobile carrier with 44M users), Indosat (Indonesia's key carrier billing provider) and MerPay (One of Japan's e-wallet that serves 16.8M users). These integrations reflect regional dominance and user trust across the Asian markets. Localized Checkout in Native Languages: Checkout flows are fully localized, providing players with regionally tailored language support for a more intuitive, frictionless payment experience. Mobile-First, Wallet-Optimized Flows: Payment journeys are designed for mobile behavior, supporting QR codes, banking apps, and carrier billing without redirects or unnecessary friction. Access to 1.5 B+ Gamers in High-Growth Markets: Southeast Asia is projected to reach over 332 million gamers by 2028, with mobile accounting for 60% of game revenue. This makes payment localization critical for reach and monetization. Increased Conversion and Reduced Abandonment: Familiar payment options and native-language checkout reduce cart drop-off and improve transaction success, especially among underbanked users who rely on wallets and telecom billing. 'Asia continues to lead the global gaming economy, especially in mobile,' said Chris Hewish, President at Xsolla. 'To succeed in this region, developers must meet players where they are on their devices, in their language, and through their preferred payment methods. This is further supported by the fact that digital wallets are the most popular payment method among gamers in the Asian region, with over 75% using them to pay for games. With this expansion, we're helping developers turn interest into transactions and build meaningful, localized experiences across Asia.' These additions build on Xsolla's vast coverage and existing infrastructure, strengthening its position as the go-to partner for developers expanding into Asia. With Pay Station's new localized methods, developers can deliver smoother, faster, and more trusted checkout experiences that align with player behavior across key tiger markets. Developers and publishers interested in expanding their reach and improving conversions in Asia can enable these payment methods directly through Xsolla Pay Station. To get started or integrate Payments in Asia, check out For a complete list of enhancements and developer tools, visit: About Xsolla Xsolla is a global commerce company with robust tools and services to help developers solve the inherent challenges of the video game industry. From indie to AAA, companies partner with Xsolla to help them fund, distribute, market, and monetize their games. Grounded in the belief in the future of video games, Xsolla is resolute in the mission to bring opportunities together, and continually make new resources available to creators. Headquartered and incorporated in Los Angeles, California, Xsolla operates as the merchant of record and has helped over 1,500+ game developers to reach more players and grow their businesses around the world. With more paths to profits and ways to win, developers have all the things needed to enjoy the game.
Yahoo
a day ago
- Yahoo
Trump reverses course on Intel CEO amid US-China chip showdown
US President Donald Trump pivoted from calling for Intel CEO Lip-Bu Tan's resignation to hosting him at the White House, turning a public rebuke over China ties into an opportunity to pull one of America's most prominent tech leaders into his orbit. Once the undisputed leader in microchip production, Intel stumbled in recent years and lost ground to Asian rivals, facing delays in advanced manufacturing. Trump confirmed the meeting via a post on Truth Social, calling the meeting a "very interesting one". Intel also confirmed that the meeting took place in a statement published on Tuesday. "Mr. Tan had the honour of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening US technology and manufacturing leadership," said the firm. "[We] look forward to working closely with him and his administration as we restore this great American company." As of 13.00 CEST, Intel shares were up 2.9% in pre-market trading on Tuesday, after jumping roughly 3.5% on Monday. Falling behind rivals For decades, Intel set the pace for microprocessor innovation — especially for PCs — but in the late 2010s, it fell behind Taiwan's TSMC and South Korea's Samsung in manufacturing cutting-edge chips. Repeated delays in rolling out its 10-nanometer and 7-nanometer processors damaged its reputation and eroded customer trust. Related Intel's stock tumbles after President Trump says its CEO must resign Intel announces more job cuts and drops projects in Europe in plan to save the company Intel is also caught in the ongoing US–China tech rivalry, with Washington pushing it to build domestic capacity while restricting Chinese access to advanced chips. The perceived China ties of CEO Lip-Bu Tan due to his venture capital background led to an initially frosty reception from Trump. Ties to China Trump called for Tan's resignation last week after US Senator Tom Cotton wrote to Intel's board, raising concerns over what he described as 'Tan's investments and ties to semiconductor firms reportedly linked to the Chinese Communist Party and the People's Liberation Army". Tan previously led Cadence Design Systems, from 2009 until 2021, which in July reached a plea deal with the government over allegations of illegal exports to China. Cadence said it it violated export controls rules to sell hardware and software to China's National University of Defense Technology, which is linked to the Chinese military. Lip-Bu Tan is a Malaysian-born US citizen who founded the Silicon Valley–based firm Walden International in 1987 and has invested heavily in semiconductor start-ups across Asia, including extensive involvement in China. Through these investments, he became a seed investor in SMIC, China's largest chip foundry, joining its board from 2001 to 2018. SMIC later came under US sanctions for its close ties to the Chinese military. When President Trump publicly demanded Tan's resignation last week due to his alleged ties with Chinese firms, Intel shares dropped more than 3% during intra‑day trading. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
2 days ago
- Business Wire
Ant International Shares Local Investment, AI Innovation and Partnerships Growth Strategy at MyFintech Week 2025
KUALA LUMPUR, Malaysia--(BUSINESS WIRE)--Ant International: Increasing Investments in Ant International's Digital Business Centre in Kuala Lumpur Ant International, headquartered in Singapore, has been expanding its human and technology investments in Malaysia as a regional technology and commercial hub. The Ant International Digital Business Centre in Kuala Lumpur, created in 2024, now houses close to 800 engineers and professionals working across AI R&D, technology, security, product development and customer service to serve Ant's global clients. "We are accelerating hiring in Kuala Lumpur, and expecting another 25% staff growth in the coming months," said Feagin. According to Feagin, Ant International's investment in Malaysia aligns with the Malaysia Digital Economy Blueprint, which outlines a framework for the country's digital transformation, including talent development and the creation of a digitally inclusive society. Malaysia has emerged as a key Southeast Asian market, and is among the leaders in QR-code adoption when it comes to digital payments. Its national QR payments scheme, DuitNow QR, has 2.5 million merchants registered, almost three times the number of traditional point-of-sale terminals in Malaysia. Expanding Partnerships to Enhance Regional and Global Travel & Trade Connectivity "Innovation and collaboration are necessary ingredients to drive genuinely inclusive, sustainable growth," said Feagin. Ant International is expanding cooperation with Malaysian regulators and partners to promote digitalization of cross-border trade and commerce for Alipay+ and its other business lines. Alipay+, the global wallet gateway service under Ant International, has been a key partner of PayNet, Malaysia's national payments network provider, to support travellers using global wallets to pay on DuitNow, the country's national real-time payments network. In 2024, Malaysia welcomed close to 38m foreign visitors, a 31.1 percent increase compared with the year before. That same year, more than 80 percent of inbound QR payments to Malaysia via DuitNow were made through Alipay+. "We look forward to expanding our relationship with PayNet and local businesses to maximize travel and cross-border commerce for Malaysia, including bringing on global tax refunds, remittance connectivity, and AI-powered travel services," said Feagin. WorldFirst, Ant International's global business account service, secured a Class A Money Services Business license from the Central Bank of Malaysia in August to better support Malaysian and regional SMEs to grow international business. As of June 2025, WorldFirst has served over 1.2 million SMEs globally, with a total transaction volume of over 300 bn USD. 'Solutions like these enable small merchants to focus on the things they want to do – attract new customers, increase revenues, and give back to their communities,' said Feagin. Supercharging digital economy through AI Technology cooperation and capacity building for fintech partners has been a focus for Ant International. In June 2025, it introduced Alipay+ Cockpit, an AI-as-a-Service platform that enables fintech businesses to develop their own AI growth and security tools tailored to the complex commerce and financial landscape of emerging markets. "Democratizing AI for emerging markets and small businesses is our core mission," Feagin said. "Ant International is working with partners and regulators to develop a future-ready Trusted AI architecture. While regional businesses make fuller use of agentic AI tools for growth, they should also should also be able to rely on an AI security platform supported by compliance knowledge, threat detection and combat capabilities." Ant International is introducing a range of new AI tools to Malaysian partners, including Alipay+ EasySafePay 360, an account protection program for users of participating Alipay+ mobile payment partners. It uses AI-powered risk-management solutions to safeguard transactions and offers money-back guarantees for verified unauthorised transactions. 'Global shifts as we see today present huge challenges, but also new opportunities and openings for a vibrant, young economy like Malaysia," said Feagin. "We look forward to expanding our partnerships here, learning more, and contributing more to talent development and technology advancement across the country."
