SINGAPORE: Popular Holdings ( PHL ) has been purchased and taken over by Hong Kong investment firm ZQ Capital.
The” strategic ownership change” was announced in a press release on Wednesday( Nov 1 ), & nbsp, the Singapore-based company that publishes, distributes and retails books for both the educational and general fiction markets in Singapore, Malaysia, Hong Kong, and China. & nbsp,
All of its operations in North America, Singapore, Malaysia, and Greater China are included in the coup. Popular also has offices in Taiwan and the United Kingdom( UK ), according to its website. The terms of the merger were never made public by the company.
Popular assured” stability in terms of staffing and renumeration” that the company’s human resources plans would not be impacted by the decision to sell to ZQ Capital.
The company added that it would” maintain its corporate society” and” keep our current business activities moving forward.”
According to the statement,” PHL assures its valued clients, employees, suppliers, partners, and all stakeholders that there won’t be any change in the norms it upholds, the way it conducts business, or the service it offers” during this transition. & nbsp,
Popular added that it had” full trust” that the move would lead the company towards a” more prosperous and successful coming” when it made the decision to offer to ZQ Capital. & nbsp,
One of the investment strategies used by ZQ Capital, as stated on its site, is the recognition of” industry leaders which are recipients of long-term economic changes in China.” & nbsp,
Popular has a long history in Singapore, with its first bookstore opening in 1936. Popular was delisted from the Singapore Exchange ( SGX ) in 2015. & nbsp,
Its home branch has built condominiums like One Robin in the Tanglin place, and according to its website, it has 25 wholesale stores in Singapore, with dozens more in Malaysia and Hong Kong.
But, Popular has recently shut down a number of its retail locations in Singapore, with its Marine Parade location closing in June of this year. In 2019 and 2021, between, its shops at Thomson Plaza and IMM closed.
For more details on the learning, CNA has gotten in touch with ZQ Capital.