Story of One of the Richest Person in Singapore

Lim Hock Chee

Pandemic Buying In Singapore Drives Up Net Worth Of Sheng Siong Supermarket Owners

Lim Hock Chee and his brothers Hock Eng and Hock Leng saw their combined net worth rise 38% to $1.2 billion this year as shares of their budget supermarket chain soared. The stock price of their Singapore-listed Sheng Siong Group surged after shoppers drove up sales by buying supplies to stay home during the pandemic. 

THONG KAH HOONG/SINGAPORE PRESS HOLDINGS LTD

The company saw a 151% increase in second-quarter earnings, to S$46 million ($33 million), on a 76% rise to S$419 million in revenues, it said in its second-quarter earnings report released in late July. Sheng Siong cautioned revenues would shrink if the pandemic fades away. “With the gradual easing of restrictions on movements of people, elevated demand caused by Covid-19 will ease,” the company said. Lim Hock Chee and Sheng Siong were unavailable for comment.

Born to a hog farmer with nine children, the Lim brothers bought a struggling chain of stores using S$30,000 borrowed from their father and renamed it Sheng Siong, or “rising vegetable” in Hokkien. Today, Sheng Siong is Singapore’s third-largest supermarket chain by sales, with 61 outlets in Singapore and two in Kunming, and a market cap of S$2.5 billion.

Source: Forbes.com

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