Latest news with #AndrewLim
New Straits Times
09-05-2025
- Business
- New Straits Times
Affin extends RM500mil loan for MV6 to buy Cold Storage Singapore
KUALA LUMPUR: Affin Group has announced a landmark RM500 million financing agreement with Macrovalue Six Sdn Bhd (MV6), marking a pivotal move in regional commerce between Malaysia and 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.
CNA
09-05-2025
- Entertainment
- CNA
CNA938 Rewind - The Wellness Hour - Pawrenting: Celebrating the life of pets through Together Diamonds
CNA938 Rewind When a beloved pet passes on, having something to hold is important to commemorate their presence on earth. Hui Wong speaks to Andrew Lim, founder of Together Diamonds that turns pet fur into diamonds - when they cross the rainbow bridge, and while they're still on earth.
Yahoo
24-03-2025
- Business
- Yahoo
Singapore's Cold Storage, Giant supermarkets sold to Malaysia's Macrovalue in S$125m deal
SINGAPORE, March 24 — All Cold Storage and Giant supermarket outlets in Singapore will be sold to Malaysian retail group Macrovalue for an initial sum of S$125 million (RM414 million). 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.
