KUALA LUMPUR (March 24): Malaysian retail group Macrovalue is set to acquire all Cold Storage and Giant supermarkets in Singapore in a deal valued at S$125 million (RM414 million).

In a statement on Monday, Asian supermarket and retail store operator DFI Retail Group announced that it had entered into an agreement with Macrovalue for the divestment of its Singapore food business.

The deal includes Macrovalue taking over 48 Cold Storage stores, which operate under the Cold Storage, CS Fresh, and Jason’s Deli brands, along with 41 Giant stores and two distribution centres.

According to DFI Retail, the transaction is expected to be completed in the second half of 2025.

Macrovalue is co-owned by local businessmen and entrepreneurs Datuk Andrew Lim Tatt Keong and Datuk Gary Yap Keng Fatt. The Southeast Asian retail group had previously acquired GCH Retail Group — the operator of Cold Storage, Giant, and Mercato in Malaysia — from DFI Retail in 2023.

DFI Retail — a member of British multinational conglomerate Jardine Matheson Group — said the divestment aligns with its strategy to create long-term value for shareholders, allowing the group to focus on expanding its Guardian and 7-Eleven businesses in Singapore.

"We firmly believe that Macrovalue is ideally positioned to drive the next phase of growth for the Singapore food business with its expanded scale and procurement power across both Malaysia and Singapore," said DFI Retail chief executive officer Scott Price.

Meanwhile, The Straits Times cited Macrovalue co-owner Lim as saying that integrating the Singapore operations will allow the company to “enhance operational efficiencies, optimise regional supply chain capabilities, and elevate the overall customer experience”.

"As new shareholders, Macrovalue’s existing operations in Malaysia will also be able to support Cold Storage’s operations in Singapore, improving supply chain and procurement processes to enhance product range and value for customers," Lim said.