SINGAPORE DRINKS DISTRIBUTOR TO BUY BUZZ CHAIN FROM OWNER OF STRAITS TIMES
By Susan Lewis
Source: Buzz Shop
Singapore-based wine and spirits distributor, Thai-Pore Enterprise, is to take over the Buzz convenience stores franchise chain from Singapore Press Holdings (SPH) for an undisclosed sum.
In a filing to the Singapore Exchange after trading hours on Monday 27 April, SPH said the divestment of its wholly-owned subsidiary Buzz Shop aims at focusing on the company’s core business.
It said the divestment of a non-core business will sharpen SPH's strategic focus on its main business segments of media, retail real estate, purpose-built student accommodation and aged care.
SPH said it will continue with its disciplined approach as it reviews its investments and businesses on an ongoing basis to maximise shareholder value.
Under the deal, SPH will continue to have access to the distribution channels through Buzz Shop outlets for its publications including the English-language Straits Times and the Chinese-language Zaobao.
Thai-Pore Enterprise has been active in the Asean region for more than 40 years. The company specialises in the distribution, import and marketing of beers, wines, spirits and spring water Waiz from New Zealand.
Wee Eng Tee, chief executive of Thai-Pore Enterprise, said: "This key acquisition of Buzz marks Thai-Pore Enterprise's foray into the convenience store business. It supports our growth strategy and enhances our presence in the retail market. We look forward to growing the Buzz brand, for which SPH has laid a strong foundation in the past decades."
Started in the 1990s, Buzz operates and franchises a chain of more than 50 convenience stores in Singapore at bus interchanges, bus shelters, subway stations, shopping malls and public housing estates.
In 2019, the outlets were renovated with a new look offering more products and services, including digital payment, cash withdrawal and parcel collection.
SPH said the divestment will not have a material impact on the earnings or the net tangible assets per share of SPH for the financial year ending 31 Aug 2020.
(the writer can be contacted at: firstname.lastname@example.org)
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