Malaysia-based retail group Macrovalue has purchased DFI Retail Group’s Giant and Cold Storage supermarket chains in Singapore in an S$125M (US$93.35M) deal.
The transaction includes 48 Cold Storage, 41 Giant outlets and two distribution centre leases – but no property assets.
Established in 2022 by Andrew Lim Tatt Keong and Datuk Gary Yap, Macrovalue plans to position itself as a major player in the region’s grocery sector. It previously purchased DFI Retail Group’s Malaysian supermarket business.
“We have a whole logistics and supply chain in Malaysia that we can tap on to benefit Singapore customers and give them more value for money,” explained Lim Tatt Keong. “Bringing these brands together will allow us to build a sustainable, long-term business in the region.”
DFI acquired Cold Storage in 1993 and purchased Shop N Save outlets in 2003, converting them to Giant in 2013. Giant and Cold Storage are two of Singapore’s mainstream supermarket chains. They operate in an intensely competitive retail market dominated by trade union-owned FairPrice, with 164 stores and publicly listed Sheng Siong, with 77 outlets.
