Singapore - October 2018
NTUC Enterprise Co-operative Limited (NTUC Enterprise) announced on 21 September that it is going to acquire ood court, coffeeshop and hawker centre operator, Kopitiam Investment Pte Ltd and its subsidiaries (Kopitiam). This acquisition is expected to support NTUC Enterprise’s social mission to ensure that cooked food remains affordable and accessible to the Singapore community.
The transaction is expected to be completed by the end of 2018. Upon completion of the transaction, the two entities will continue to operate separately, with their respective management teams and employees remaining in place. They will work together to leverage mutual capabilities and seek out common opportunities for synergies, including the use of technologies.
Founded in 1988, Kopitiam, operates 56 food courts, 21 coffeeshops, 3 hawker centres and 2 central kitchens. It serves about 350,000 meals a day nationwide, employs more than 1,000 staff and manages more than 1,000 food stalls.
NTUC Enterprise, the social enterprise arm of the National Trade Union Congress (NTUC), and its eight social enterprises provide access to affordable and quality goods and services in areas like health and eldercare, childcare, daily essentials, cooked food and financial services. Through NTUC Foodfare Co-operative Limited (NTUC Foodfare), NTUC Enterprise provides affordable, quality and healthier meal options. Every stall at an NTUC Foodfare coffeeshop and new hawker centre offers consumers a budget meal priced from SGD 2 and SGD 2.80 (USD 1.45 to 2), respectively. NTUC Foodfare also operates a social outreach programme, Rice Garden, designed with lower-income consumers in mind. Rice Garden offers affordable and nutritious meals priced from SGD 1.5 (USD 1.1). In 2017, Rice Garden served more than 4.5 million meals.
(Sources: Business Times; NTUC Enterprise)