Singapore Press Holdings sells its Buzz convenience-store chain
Singapore Press Holdings has sold its wholly owned convenience-store chain Buzz Shop to Thai-Pore Enterprise.
“This divestment of a non-core business will sharpen SPH Group’s strategic focus on its main business segments of media, retail real estate, purpose-built student accommodation and aged care,” the firm said in a statement. “SPH will continue with its disciplined approach as it reviews its investments and businesses on an ongoing basis to maximise shareholder value.”
As part of the deal, the price of which was not disclosed, the publisher retains the rights to distribute its publications through the Buzz Shop network.
The move sees Thai-Pore expanding from its core business of liquor imports into the convenience-store business.
According to CEO Wee Eng Tee, the acquisition “supports our growth strategy and enhances our presence in the retail market”.
“We look forward to growing the Buzz brand which SPH has laid a strong foundation (for) in the past decades,” he said.