SINGAPORE, March 24, 2025 – DFI Retail Group (DFI), a prominent supermarket and retail store operator, has announced the sale of its Singapore food business to South-east Asian retail conglomerate Macrovalue (Malaysia) for S$125 million, subject to adjustments. The deal, which includes Cold Storage, Giant, and their associated stores, is expected to complete in the second half of 2025.
Macrovalue will take full control of 48 Cold Storage stores, operating under Cold Storage, CS Fresh, and Jason’s Deli brands, as well as 41 Giant stores and two distribution centers. DFI intends to reallocate its focus towards expanding its Guardian and 7-Eleven businesses in Singapore, areas where it sees significant growth potential.
Scott Price, Group CEO of DFI, emphasized the opportunity to leverage scale and operational efficiencies in the current environment of rising food prices and inflation. He expressed confidence that Macrovalue’s expanded scale and procurement power across both Malaysia and Singapore will enhance value for customers and contribute to the growth of Cold Storage in the region.
Founded in 2022, Macrovalue is a special purpose vehicle jointly owned by Malaysian entrepreneurs Andrew Lim and Gary Yap. The company is also focused on driving further growth for the acquired brands, with a commitment to maintaining continuity in local management and operations. Andrew Lim added that Macrovalue’s existing operations in Malaysia would support Cold Storage’s growth in Singapore, particularly in supply chain and procurement.
DFI’s financial performance for the year ended December 31, 2024, showed a 29.7% increase in underlying profit, reaching US$200.6 million, despite a 3.3% decline in revenue. However, the company recorded a net loss of US$244.5 million, compared to a net profit of US$32.2 million in the previous year. DFI expects its underlying profit for 2025 to be between US$230 million and US$270 million, driven by organic growth.
DFI’s divestment follows a similar transaction in 2023, where it sold its Malaysia food business to Macrovalue for an undisclosed sum.
Shares of DFI Retail Group were up 0.9% to US$2.27 at midday trading on Monday.
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