The process of the buyout is expected to be completed on January 2019.
NTUC Enterprise’s proposed acquisition of food court chain Kopitiam has been approved by Singapore’s competition watchdog.
In a statement, NTUC Enterprise says the Competition and Consumer Commission of Singapore concluded that the proposed acquisition “will not infringe the section 54 prohibition of the Competition Act” and will not lead to a “substantial lessening of competition within the relevant markets” in the island-nation.
“We moderate prices with the aim to encourage the market to stay competitively priced and so ensure good value every day for the Singapore community,” Kee Teck Koon, Executive Director of NTUC Enterprise said. “In particular, with the combined footprint of NTUC Foodfare and Kopitiam, we will be in a better position to make quality cooked food affordable and more widely accessible to all.”
Both NTUC Enterprise and Kopitiam will cooperate towards the proposed acquisition, expected by January 2019. Upon completion, both companies will continue to operate separately with their respective management teams and employees remaining in place.
NTUC Enterprise, the holding entity and single largest shareholder of the NTUC social enterprises, previously mentioned that the acquisition of Kopitiam was intended to provide access to affordable cooked food.
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