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Xpress in talks for stake in Chinese supermarket; to expand scope of business

XPRESS Holdings is currently in discussions for a minority stake in a Chinese supermarket business, and is planning to add smart technologies, publishing and investment to its core businesses, the printing company announced late on Monday.

The company's shares will resume trading on Tuesday after being halted on Monday afternoon.

Xpress disclosed the existence of discussions about the potential supermarket joint venture following a trading query by Singapore Exchange. The company said no agreement has been reached, and there is no certainty that a deal will be struck.

The company also said it plans to seek shareholder approval to add additional activities to its core businesses.

Since May 13, Xpress shares have climbed 32.8 per cent, or 19 Singapore cents, to 77 Singapore cents as at Monday's close.