Giant & Cold Storage Will Be Sold To A Malaysian Retail Group
Popular grocery chains, Giant and Cold Storage, will be sold to a Malaysian retail group led by local businessman and entrepreneur Datuk Andrew Lim Tatt Keong
The grocery chains are currently owned by Hong Kong's Dairy Farm International Ltd (DFI), reported The Edge Markets.
The company entered the Malaysian market 24 years ago when it acquired a 90% stake in Giant, which was founded by Teng Sek How and his family.
It currently operates 40 Giant hypermarkets; eight upscale supermarkets, Mercato; two Cold Storages; one TMC located in Bangsar; and 40 Giant Mini stores.
The deal is expected to be completed in early March 2023.
The new owner of DFI's food businesses has an extensive and successful track record in retail leadership
According to New Straits Times, Lim is currently the group deputy chairman of SOGO Department Store Sdn Bhd and the executive chairman of the GAMA Group.
The latter operates Penang's iconic GAMA Supermarket & Departmental Store.
In a statement, DFI said, "The local retail group shares similar beliefs as DFI in delivering great quality, service, and value to customers."
"By bringing these businesses together, under experienced local ownership, both customers and team members will continue to benefit from the positive changes to Giant, Cold Storage, and Mercato that have taken place in recent years, forging an exciting platform for future growth through deep market knowledge, brand investment, and competitive strength."
The company also said that the local retail group will also take on 2,500 employees under the brands.
Lim said he and his new team members pledged to add value and enhance the respective brand equities of Cold Storage, TMC, Giant, and Mercato brand names in Malaysia.
Meanwhile, DFI will continue to wholly own and operate Guardian Health and Beauty stores.
The Hong Kong-based company currently runs more than 500 Guardian stores nationwide.