It’s 2052, and the circuit breaker has finally ended.
You leave your house after 32 years, and realised that things have changed a lot.
Cars are no longer weighed down by gravity, robots now clean our streets, and people now consume bubble tea in the form of a savoury soup.
You try to look for something familiar, something that proves you’re still at home and not in some foreign land, but you find nothing.
But then you stumble upon a familiar-looking convenience store with an orange signboard, and you breathe a sigh of relief.
Yes, it’s the Buzz Convenience Store, or Buzz, as Singaporeans call it. Owned by Singapore Press Holdings (SPH), Buzz has a chain of more than 50 convenience stores across Singapore.
They’re like mini 7-Elevens, selling snacks, drinks, and newspapers, and will probably be here even after an apocalypse.
Even though these convenience stores are likely getting fewer customers during the circuit breaker, SPH’s latest move still comes as a shock.
SPH Selling Buzz Shop to a Company That Distributes Alcohol for an Undisclosed Figure
On Monday (27 April), SPH announced it would be divesting its subsidiary Buzz Shop to Thai-Pore Enterprise for an undisclosed amount.
Reader: Simi is divesting?
In this context, it basically means selling an asset.
Reader: Then why didn’t they just say that?
Who knows.
While Thai-Pore Enterprise sounds like a skincare company, they actually distribute, import, and market beers, wines, spirits, and spring water Waiz from New Zealand, with more than 40 years of experience, according to CNA.
Follow us on Telegram for more informative & easy-to-read articles, or download the Goody Feed app for articles you can’t find on Facebook!
SPH clarified that it would still retain the right to distribute and sell its publications – The Straits Times, Business Times and Lianhe Zaobao, for instance – at all Buzz outlets after the sale.
The media company added that the sale will not have a material impact on the earnings or the net tangible assets per share of SPH for the financial year ending Aug 31, 2020.
“SPH will continue with its disciplined approach as it reviews its investments and businesses on an ongoing basis to maximise shareholder value”, they said.
Face Masks Sales
Buzz recently hit the headlines in February for selling masks at a whopping $35 for a box of 50.
Many netizens complained about the steep prices, questioning if they were trying to profit from the increased demand during the Covid-19 outbreak.
They later apologised and cancelled the sale of the masks at 14 locations, saying it was “a misguided attempt to meet public demand for masks.”
Whether or not SPH’s divestment has anything to do with the impact of Covid-19 remains unknown, but at least we’ll still have these stores around.
Where else can you go when you desperately need an Iced Coffee, some mints, and a newspaper?