All Cold Storage, Giant Outlets Here to Be Sold to Malaysian Group for $125m

Current owner DFI to focus on its Guardian and 7-Eleven outlets here and in the region

- Rosalind Ang

All Cold Storage and Giant supermarket outlets in Singapore will be sold to Malaysian retail group Macrovalue for an initial price of $125 million.

Current owner DFI Retail Group and Macrovalue said on March 24 that the deal covers 48 Cold Storage stores — including those under the CS Fresh, CS Gold and Jason's Deli brands — and 41 Giant outlets, as well as two distribution centres. The transaction is expected to be completed in the second half of 2025, with Macrovalue acquiring 100 per cent of the businesses.

Singapore-listed DFI will turn its focus to its Guardian pharmacies and 7-Eleven convenience shops here and in the region. There are more than 120 Guardian outlets and over 450 7-Eleven stores in Singapore. Besides Singapore, DFI has a presence in other markets such as Thailand, Hong Kong and the Philippines.

DFI's share price was up 5.3 per cent as at 1.45pm on March 24 on the Singapore Exchange after the announcement. It closed 4 per cent up at US$2.34.

Macrovalue already owns the Cold Storage and Giant operations in Malaysia, having in 2023 bought over Malaysia-based GCH Retail Group, which operated the brands there previously.