The Lim family's combined fortune, based on their 57 per cent stake in the supermarket chain, has surged to US$1.1 billion.

Published 2020-04-20 18:05:59

Following the Covid-19 outbreak, many Singaporeans have been flocking to the supermarkets to stockpile on groceries and household essentials with the fear that supplies will soon run out.

Minister Chan Chun Sing has assured that Singapore has in place a “contingency scenario” which it has planned out for “many years.”

He added that the Government has been actively working with essential firms such as NTUC Fairprice, Sheng Siong and Dairy Farm International to increase Singapore’s stock of food and essential supplies over the last few months.

Even now with the circuit breaker measures in place, Singaporeans don’t have anywhere else to shop besides supermarkets so it has definitely caused a surge in grocery spending.

The result? Shares of Singapore-listed Sheng Siong Group rose to a record high last Wednesday (April 15) — its stock has rallied over 30 per cent since a March 19 closing low.


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