SINGAPORE: Hong Kong investment firm ZQ Capital has acquired and taken full ownership of Popular Holdings (PHL).
The Singapore-based company, which publishes, distributes and retails books aimed at the educational and general fiction markets in Singapore, Malaysia, Hong Kong and China, announced the “strategic change of ownership”, effective Wednesday, November 1, in a press release. release.
The acquisition concerns all its activities in Greater China, Singapore, Malaysia and North America. According to its website, Popular also operates in Taiwan and the United Kingdom (UK). The company did not disclose terms of the acquisition.
Popular said the decision to sell to ZQ Capital would not affect the company’s human resources policies, ensuring “continuity in terms of headcount and remuneration.”
The company added that it would “maintain its corporate culture” and “maintain the momentum of our current business operations.”
“PHL assures its valued customers, staff, suppliers, partners and all stakeholders that during this transition, there will be no change in the values it upholds, in the way it operates or in the services it provides,” he said.
Regarding the decision to sell to ZQ Capital, Popular added that he was “fully confident” that the move would lead the company towards a “more prosperous and prosperous future.”
Identifying “market leaders who benefit from long-term macroeconomic trends in China” is among the investment strategies employed by ZQ Capital, as stated on its website.
Popular, which was delisted from the Singapore Stock Exchange (SGX) in 2015, has a long-standing presence in Singapore, opening its first bookstore in 1936.
According to its website, it has 25 retail stores in Singapore, and dozens more in Malaysia and Hong Kong, while its real estate arm has developed condominiums such as One Robin in the Tanglin area.
However, Popular has closed several of its retail stores in Singapore in recent years, with its Marine Parade outlet shutting down in June this year. Its Thomson Plaza and IMM stores closed in 2019 and 2021, respectively.
CNA has contacted ZQ Capital for more information on the acquisition.