PETALING JAYA: Supermarket pioneer Teng Yew Huat has died at the age of 68, after having led the family’s Teng minimarkets into the Giant and Jaya Grocer chains valued in the billions, with Ace Hardware included in the family mix.
KUALA LUMPUR, Feb 23 The founder of supermarket chain Jaya Grocer, Teng Yew Huat, has died at the age of 68. Jaya Grocer chief executive officer Adelene Foo confirmed Teng’s.
Grab Holdings Ltd, Southeast Asia’s biggest ride-hailing and delivery firm, is buying over premium supermarket chain Jaya Grocer. According to sources, it is forking out RM1.5 billion to RM1.8 billion to acquire the business.
US-based Carlyle Group and Luxembourg-based CVC Capital Partners are believed to be the front runners in the race to acquire Trendcell Sdn Bhd, the owner and operator of high-end supermarket chain Jaya Grocer, say sources, after outbidding at least two other offers.
It is learnt that the two private equity firms are negotiating to buy a part of, a majority, or the entire supermarket business of Trendcell, which rang up RM1.32 billion in sales in 2020, for as much as RM1.1 billion.
The sale, if successful, will mark the exit of Asean Industrial Growth Fund (AIGF), which purchased a 45% stake in Trendcell in May 2016 for a reported RM300 million. Businessman Teng Yew Huat is the other major shareholder of Trendcell.