The stake in the supermarket retailer joins Mondrian's assets worth US$60b.
Global investment fund Mondrian Investment Partners has bought a 6.58% stake in Sheng Siong Group for $99.99m.
According to an announcement, the 99 million ordinary shares in the company were bought from executive directors Lim Hock Eng, Lim Hock Chee, and Lim Hock Leng.
Sheng Siong CEO Lim Hock Chee commented, “Here at Sheng Siong, we hope to create long-term value for our shareholders via a pragmatic approach that has seen steady growth and regular dividend payout since our listing. One area that we have been working on is to strengthen our investor base locally and globally. As such, we are glad to have attracted Mondrian to be a substantial shareholder of the Group."
Mondrian is a 25-year-old global investment fund manager with offices in London and Philadelphia. The company said that it has a "stringent investment selection process" and is managing approximately US$60b in assets.
Sheng Siong is considered one of the fastest growing supermarket retailers in Asia. It attributed this to the opening of its new stores, which contributed the most to its revenue of $829.88m. For 2017, Sheng Siong's profits climbed 11.4% to $69.79m.
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