KUALA LUMPUR: DFI Retail Group (DFI) has inked an agreement to dispose of its food businesses in Malaysia, including the iconic Giant brand, to a local retail group led by Datuk Andrew Lim for an undisclosed amount.
Lim is the group deputy chairman of Sogo Department Store Sdn Bhd as well as executive chairman of the Gama Group, which owns and operates the Gama supermarket and departmental store in Penang.
In a statement today, the pan-Asia retailer said the transition is expected to be completed early next month.
"The local retail group shares similar beliefs as DFI in delivering great quality, service and value to customers.
"By bringing these businesses together under experienced local ownership, both customers and team members (staff) will continue to benefit from the positive changes to Giant, Cold Storage and Mercato that have taken place in recent years, forging an exciting platform for future growth," it said.
According to DFI, the local retail group will also take on 2,500 team members who currently support the food business.
"These team members will also benefit from more career growth opportunities by being part of a broader retail group in Malaysia," it added.
DFI said it remains fully committed to its retail business in Malaysia, sharpening its strategic focus on the fast-growing health and beauty business, and will continue to wholly own and operate Guardian Health and Beauty stores. - Bernama
