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Investment fund manager Mondrian takes 6.6% stake in Sheng Siong for S$100m
SHENG Siong Group said on Friday evening that investment fund manager Mondrian Investment Partners has acquired a 6.58 per cent stake in the supermarket operator for approximately S$100 million through a married deal.
The 99 million ordinary share stake in Sheng Siong was purchased from Sheng Siong chief executive officer Lim Hock Chee, and two of his brothers Lim Hock Eng and Lim Hock Leng. The three brothers are all executive directors of the company.
Founded in 1990, Mondrian, which has offices in London and Philadelphia, manages approximately US$60 billion in assets.
Said Lim Hock Chee: "Here at Sheng Siong, we hope to create long-term value for our shareholders via a pragmatic approach that has seen steady growth and regular dividend payout since our listing. One area that we have been working on is to strengthen our investor base locally and globally."
"As such, we are glad to have attracted Mondrian to be a substantial shareholder of the group. I am positive about the future and will continue to work hard to bring shareholder value to the group," he added.
Sheng Siong shares finished S$0.02 or 2.0 per cent higher at S$1.02 on Friday.