DFI Retail Group Sells Singapore Operations to Macrovalue in $125 Million Deal

Singapore’s Cold Storage and Giant supermarkets are set to change ownership as DFI Retail Group announced the sale of its entire Singapore Food business to Malaysian retail company Macrovalue. The acquisition, valued at $125 million, includes 41 Giant outlets, 48 Cold Storage stores—comprising CS Fresh, CS Gold, Cold Storage, and Jason’s Deli—as well as two distribution centres.

The deal follows Macrovalue’s earlier acquisition of Giant and Cold Storage operations in Malaysia in 2023, positioning the company as an experienced partner in the region. The transaction is expected to be completed in the second half of 2025.

DFI’s group chief executive, Scott Price, highlighted that rising food costs and inflation make economies of scale crucial in ensuring stable prices and maintaining quality. He noted that integrating operations with Malaysia could bring Singapore consumers a wider product selection and more competitive pricing.

Following this divestment, DFI will shift its focus to expanding its Guardian and 7-Eleven businesses, which are seen as key areas for future growth. The company recently reported that its Singapore Food segment became profitable in late 2024 after strategic store closures and relocations.

DFI posted an underlying profit of US$201 million (S$268.9 million) for the 2024 financial year and declared a final dividend of US$0.07 per share.