NTUC Enterprise buys Kopitiam business
Singapore’s renowned Kopitiam food centres have been bought by NTUC Enterprise Co-operative to protect the chain from commercial investors.
In a press release announcing the deal, NTUC Enterprise said by investing an undisclosed sum in acquiring the business it could satisfy its social mission of ensuring cooked food remained affordable and accessible to Singaporeans.
After the deal is settled, expected to be later this year, the Kopitiam outlets would complement NTUC Enterprises’ existing Foodfare food centres, operated independently by their own management teams.
However the two businesses would look to sharing technology knowhow and resources and other behind-the-scenes processes.
Kopitiam was founded 30 years ago and has now grown to 56 foodcourts, 21 coffee shops and three hawker centres across the island, serving some 350,000 meals each day and employing more than 1000 people.
“Kopitiam and NTUC Foodfare share the common objective of making quality cooked food affordable and accessible to all,” Kee Teck Koon, executive director at NTUC Enterprise, said in a statement.
“We will leverage our combined strengths to contribute to improving the vibrancy and resiliency of this daily essential sector in Singapore, with the ultimate goal of creating better experiences for our customers, and opportunities for our employees and other stakeholders.”