1. DFI Retail Group, which operates Cold Storage and Giant, is exiting its grocery business in Malaysia.
The Hong Kong-based firm says it is selling the business to another retail group, headed by KL Sogoβs deputy chairperson, Andrew Lim.
The Hong Kong-based firm says it is selling the business to another retail group, headed by KL Sogoβs deputy chairperson, Andrew Lim.
2. DFI says Lim will take on the 2,500 team members from its grocery business when the transaction completes in March.
Lim is also the executive chairman of Gama Group, which operates Gama Supermarket & Departmental Store in Penang.
Lim is also the executive chairman of Gama Group, which operates Gama Supermarket & Departmental Store in Penang.
3. Although the firm did not disclose the acquisition price, sources told The Edge it was at least a couple of billions in ringgit.
They add, DFI made the move because the industry has become increasingly competitive over the past years.
theedgemarkets.com
They add, DFI made the move because the industry has become increasingly competitive over the past years.
theedgemarkets.com
4. DFI, which operates the retail chain under GCH Retail (Malaysia), entered the local market in 1999 by acquiring a 90% stake in Giantβs business.
GCH has reportedly been shutting many of its stores in the country since 2019 and posted a net loss of RM106.2mil for its FY2021.
GCH has reportedly been shutting many of its stores in the country since 2019 and posted a net loss of RM106.2mil for its FY2021.
5. Meanwhile, DFI Southeast Asia CEO Chris Bush says the transition will allow the company to focus on expanding its Guardian health and beauty business in Malaysia.
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