US-based Carlyle Group and Luxembourg-based CVC Capital Partners are believed to be the front runners in the race to acquire Trendcell Sdn Bhd, the owner and operator of high-end supermarket chain Jaya Grocer, say sources, after outbidding at least two other offers.
It is learnt that the two private equity firms are negotiating to buy a part of, a majority, or the entire supermarket business of Trendcell, which rang up RM1.32 billion in sales in 2020, for as much as RM1.1 billion.
The sale, if successful, will mark the exit of Asean Industrial Growth Fund (AIGF), which purchased a 45% stake in Trendcell in May 2016 for a reported RM300 million. Businessman Teng Yew Huat is the other major shareholder of Trendcell.
Thursday, 24 Dec 2020 03:27 PM MYT
BY IDA LIM
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KUALA LUMPUR, Dec 24 Retail chains Jaya Grocer and 99 Speedmart have separately announced that they have one staff each who tested positive today for Covid-19.
In a Facebook post, supermarket chain Jaya Grocer’s management Trendcell Sdn Bhd said that one staff member at its Glo Damansara outlet in Taman Tun Dr Ismail, Kuala Lumpur tested positive for Covid-19 on December 24 (today).
“Please note that this staff member has not been on-site since December 18, 2020.
“As a precautionary measure, we will be closing Jaya Grocer Glo Damansara from today, December 24, 2020, until further notice. All staff from Jaya Grocer Glo Damansara will undergo the swab test today,” it said in the statement.