SINGAPORE, March 24 — All Cold Storage and Giant supermarkets across Singapore are set to be purchased by Malaysian retail company Macrovalue for an initial amount of S$125 million (RM414 million).
DFI Retail Group and Macrovalue disclosed today that the agreement encompasses 48 Cold Storage shops—operating under the CS Fresh, CS Gold, and Jason’s Deli labels—as well as 41 Giant locations and two distribution centers.
According to The Straits Times ( ST The deal is anticipated to conclude during the latter part of 2025, with Macrovalue obtaining complete control over the enterprises.
Listed in Singapore, DFI announced that it plans to redirect its attention towards managing its Guardian Pharmacy and 7-Eleven convenience store activities in Singapore as well as other regions such as Thailand, Hong Kong, and the Philippines.
Following the announcement, DFI’s share price rose 3.5 per cent by 1.30pm.
Macrovalue already owns Cold Storage and Giant stores in Malaysia, having acquired GCH Retail Group in 2023, which previously operated the brands there.
As reported by ST , Macrovalue co-owner Datuk Andrew Lim said the acquisition would allow the company to "enhance operational efficiencies, optimise regional supply chain capabilities and elevate the overall customer experience."
“We will ensure the continuity of local management and operational teams to continuously improve the quality of service for customers,” he was quoted as saying.
ST It was reported that Lim Boon Cheong, who currently serves as the managing director for Food Singapore at DFI Retail Group, will remain at the helm of Cold Storage as its managing director. Throughout his career with DFI, he has taken on various high-level positions such as CEO of Cold Storage Singapore and CEO of Group Convenience, where he managed 7-Eleven operations across Hong Kong, South China, and Singapore.
The CEO of DFI, Scott Price, mentioned that the corporation will concentrate on expanding its Guardian and 7-Eleven operations moving forward.
"In the current climate where food prices and inflation are increasing, it is crucial to utilize our size and streamline operations to safeguard customers against price fluctuations while keeping up with quality and service benchmarks," he stated. ST .
DFI’s grocery business in Singapore became profitable again in 2024 following several years of deficits, although the firm anticipates that income will stay steady due to intense rivalry.
In 2024, 11 Giant outlets closed, while five new stores opened under DFI’s supermarket brands, including CS Fresh in Chancery Court and New Bahru, Cold Storage in Pasir Ris Mall and Suntec City, and Giant in Tengah Plantation Plaza.
Some existing outlets, including Giant at IMM in Jurong East and Simei MRT station, as well as Cold Storage in Tampines 1, have been renovated and upgraded.
The latest closure was Cold Storage at Leisure Park Kallang, which shut its doors on March 10. No outlets were closed between November 2024 and February 2025.