NTUC Enterprise is set to acquire home-grown food court operator Kopitiam Investment and its subsidiaries by the end of this year, said both companies in a joint statement on Friday (21 September).
With the deal, Kopitiam’s 56 food courts, 21 coffeeshops, three hawker centres and two central kitchens will be under NTUC’s portfolio. The sum of the deal was not disclosed.
“The acquisition of Kopitiam complements NTUC Enterprise’s existing cooked food operations by NTUC Foodfare. Kopitiam and NTUC Foodfare share the common objective of making quality cooked food affordable and accessible to all,” said Kee Teck Koon, Executive Director, NTUC Enterprise.
One of NTUC Foodfare’s initiatives is to offer budget meals from $2 and $2.80 at coffee shops and new hawker centres, respectively. NTUC Foodfare is also looking to expand its healthier food options, such as the distribution of diabetic-friendly meals.
Upon completion of the transaction, NTUC Foodfare and Kopitiam will continue to operate separately, with their respective management teams and employees remaining in place.
“Customers, employees, stall tenants and other stakeholders can be assured that business will continue as usual,” the statement added.
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