Singapore Press Holdings (SPH) is selling its wholly-owned subsidiary Buzz Shop to Thai-Pore Enterprise for an undisclosed sum.
SPH told the Singapore Exchange after trading hours yesterday that divesting the "non-core business" will sharpen its focus on its main segments of media, retail real estate, student accommodation and aged care.
SPH, which publishes The Straits Times, will retain the right to distribute and sell its publications at Buzz outlets after the deal closes.
Buzz started in the 1990s and now operates and franchises a chain of over 50 convenience stores in Singapore.
It has a wide product range and its own line of merchandise.
Last year, it was refreshed with a new look, offering more products and services, including digital payment, cash withdrawal and parcel collection.
The divestment will not have a material impact on the earnings or the net tangible assets per share of SPH for the financial year ending Aug 31.
Thai-Pore Enterprise has about 40 years of experience in the distribution and marketing of beers, wines, spirits and spring water.
Chief executive Wee Eng Tee said: "This key acquisition marks (our) foray into the convenience-store business.
"It supports our growth strategy and enhances our presence in the retail market. We look forward to growing the Buzz brand, for which SPH has laid a strong foundation in the past decades."
THE BUSINESS TIMES