The deal is expected to be completed by the end of 2018.
NTUC Enterprise has announced that they will be buying home-grown food court, coffee shop and hawker centre operator Kopitiam Investment.
The acquisition is said to make sure that the Singaporeans will have access to cooked food that affordable at the same time.
“Kopitiam started from humble beginnings and we have built the brand into a successful household name. Today, our customers enjoy a good selection of cuisine at affordable prices. NTUC Enterprise and Kopitiam are both committed to protect the interests of our customers and the livelihood of our stall tenants,” Lim Bee Huat, Chairman of Kopitiam Investment, said.
Kopitiam owns 56 food courts, 21 coffee shops, 3 hawker centres and 2 central kitchens.
“The acquisition of Kopitiam complements NTUC Enterprise’s existing cooked food operations by NTUC Foodfare. Kopitiam and NTUC Foodfare share the common objective of making quality cooked food affordable and accessible to all,” NTUC’s executive director Kee Teck Koon said.
“We will leverage our combined strengths to contribute to improving the vibrancy and resiliency of this daily essential sector in Singapore, with the ultimate goal of creating better experiences for our customers, and opportunities for our employees and other stakeholders.”
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