SINGAPORE (THE BUSINESS TIMES) – Supermarket operator Sheng Siong Group said on Wednesday (July 21) that its subsidiary has entered into a lease agreement to open a new store in China.
In an exchange filing, the mainboard-listed company said the new store – located in the city of Kunming in Yunnan province – is expected to be operational before the end of this year.
The lease agreement was signed for retail space spanning 30,772 square feet. With the new store, Sheng Siong Group would have a total of four stores in China, in addition to 63 in Singapore.
The group said the new store is not expected to have a significant impact on its financial performance for the current financial year ending Dec 31.
The announcement on Wednesday comes around a month after the group announced its third store in China.
In June, the supermarket operator said its subsidiary had entered into a lease agreement for a 37,800 square feet retail space, also located in Kunming. The third store was then expected to be operational before the end of Q3 this year.
Sheng Siong Group shares rose 0.6 per cent or one cent on Wednesday to close at $1.60 before the announcement.