Singapore: SPH divest c-store chain Buzz to Thai-Pore Enterprise

The acquisition marks Thai-Pore Enterprise's foray into the convenience store business.

Singapore Press Holdings (SPH) announced that it will be divesting its wholly-owned subsidiary Buzz Shop to Thai-Pore Enterprise for an undisclosed sum, report several media outlets.

Started in the 1990s, convenience store chain Buzz operates and franchises more than 50 stores in Singapore at bus interchanges, bus shelters, MRT stations, shopping malls and Housing Board heartlands.

"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," said SPH in a media release.

"SPH will continue with its disciplined approach as it reviews its investments and businesses on an ongoing basis to maximise shareholder value."

After this divestment, SPH will continue to have the right to distribute and sell its publications at Buzz outlets.

"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," said chief executive of Thai-Pore Enterprise, Mr Wee Eng Tee.

Thai-Pore Enterprise is a regional player in Asean with over 40 years of experience in the distribution, import and marketing of beers, wines, spirits and spring water Waiz from New Zealand.