SINGAPORE: Malaysian retail group Macrovalue is set to acquire Cold Storage Singapore, the country’s oldest supermarket chain, in a S$125 million (US$93 million) deal, Channel News Asia reported.
The acquisition includes 48 Cold Storage stores under various brands, 41 Giant outlets, and two distribution centres, expanding Macrovalue’s retail footprint in Singapore.
DFI Retail Group, the current owner, announced the deal on Monday (Mar 24), stating that Macrovalue is a "trusted partner" with prior experience, having acquired GCH Retail Group in Malaysia last year.
DFI said it will now focus on its Guardian and 7-Eleven businesses, citing strong growth in the health and beauty segment, which contributed 55 per cent of its operating profit in 2024.
Macrovalue plans to retain DFI’s Singapore food managing director, Lim Boon Cheong, to lead the transition, pledging to uphold Cold Storage’s 121-year legacy while strengthening Giant’s position in the market.