Sheng Siong: SG’s 2nd largest grocery chain by rev in SG has lodged preliminary prospectus for an IPO. OCBC is issue manager. Net profit forgrp’s FY10 at $42.6m, +30% yoy against a stronger gross profit margin, as the supermarket player has started to purchase more and varied supplies from direct suppliers instead of wholesalers. Grp owns 23 grocery stores in SG….
Sheng Siong commands a 17.5% mkt share based on operational rev. It lags NTUC FairPrice, which holds a 46% mkt share, and is ahead of Cold Storage that make up 10.3% of the grocery retail chain market.
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