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From pig farmer's sons to supermarket empire bosses: Sheng Siong owners become billionaires amid Covid-19 pandemic
Sheng Siong Group's shares rose as supermarkets have become the preferred place to shop.PHOTO: LIANHE WANBAO
PUBLISHED
3 HOURS AGO
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SINGAPORE (BLOOMBERG) - Lim Hock Chee and his wife used to sell chilled pork at a rented stall in a grocery store.
Now, after more than 35 years, his family members operate 61 supermarkets across Singapore and have joined the ranks of billionaires.
Shares of their Singapore-listed Sheng Siong Group rose to a record on Wednesday (April 15) as supermarkets have become the preferred place to shop after the Government imposed a partial lockdown to contain the coronavirus pandemic. The stock has rallied more than 30 per cent since a March 19 closing low.
The family's combined fortune, based on its 57 per cent stake in the supermarket chain held mainly by Mr Lim and his two brothers, has surged to US$1.1 billion (S$1.57 billion), according to the Bloomberg Billionaires Index. That would have been inconceivable when Mr Lim Hock Chee started the pork stall to help alleviate a supply glut at his father's pig farm. The brothers took over the supermarket where the stall was located and turned it into the first Sheng Siong store in 1985, and today is planning a foray into Singapore's digital banking scene.
The founders declined to comment on their wealth, according to a Sheng Siong spokesman. The brothers and their family were thrust into the media spotlight in 2014, when their mother was kidnapped. She was released unharmed after Mr Lim paid ransom, and the kidnapper was sentenced to life imprisonment.
Regulatory filings show that Mr Lim bought more shares last month through an account jointly held with his wife. He may have learnt a thing or two from previous outbreaks.
"When people stayed away from restaurants during Sars, we enjoyed brisk business because more people started buying food to cook at home," he said in a 2008 interview with The Straits Times.
PUBLISHED
3 HOURS AGO
FACEBOOKWHATSAPPTWITTER
SINGAPORE (BLOOMBERG) - Lim Hock Chee and his wife used to sell chilled pork at a rented stall in a grocery store.
Now, after more than 35 years, his family members operate 61 supermarkets across Singapore and have joined the ranks of billionaires.
Shares of their Singapore-listed Sheng Siong Group rose to a record on Wednesday (April 15) as supermarkets have become the preferred place to shop after the Government imposed a partial lockdown to contain the coronavirus pandemic. The stock has rallied more than 30 per cent since a March 19 closing low.
The family's combined fortune, based on its 57 per cent stake in the supermarket chain held mainly by Mr Lim and his two brothers, has surged to US$1.1 billion (S$1.57 billion), according to the Bloomberg Billionaires Index. That would have been inconceivable when Mr Lim Hock Chee started the pork stall to help alleviate a supply glut at his father's pig farm. The brothers took over the supermarket where the stall was located and turned it into the first Sheng Siong store in 1985, and today is planning a foray into Singapore's digital banking scene.
The founders declined to comment on their wealth, according to a Sheng Siong spokesman. The brothers and their family were thrust into the media spotlight in 2014, when their mother was kidnapped. She was released unharmed after Mr Lim paid ransom, and the kidnapper was sentenced to life imprisonment.
Regulatory filings show that Mr Lim bought more shares last month through an account jointly held with his wife. He may have learnt a thing or two from previous outbreaks.
"When people stayed away from restaurants during Sars, we enjoyed brisk business because more people started buying food to cook at home," he said in a 2008 interview with The Straits Times.
