Popular, a well-established company with a long history, has undergone a change in ownership according to an article by Lianhe Zaobao.
Acquired by an investment firm based in Hong Kong
It has been acquired by ZQ Capital, an investment firm based in Hong Kong.
This acquisition includes all of Popular’s businesses in various regions, such as Singapore, Malaysia, China, Hong Kong, Taiwan, Macau, and North America, which took effect on November 1.
No changes to existing policies
Popular has assured that its existing manpower policies, including employee structure, salaries, and benefits, will be retained under the new ownership.
History of Popular
A bit of history: Popular’s roots trace back to 1924 when it was known as the Cheng Hing Company, established by Chou Sing Chu’s father, Chou Sing Chu, after his arrival in Singapore from China.
Initially, the company specialized in Chinese storybooks and pictures.
Over the years, it underwent various mergers and transitions, leading to the formation of Popular Holdings as a private company in 1996.
Was previously listed on the Singapore Exchange
It was listed on the Singapore Exchange’s main board from May 1997 to May 2015 before being delisted.
CEO decided to retire
In recent developments, Popular’s Chief Executive Officer, Chou Cheng Ngok, has decided to retire, as revealed in a letter sent to Malaysian suppliers.
The company has assured that its core values, operations, and services will remain unchanged.
Additionally, Popular will focus on education services and explore new markets in mainland China and Southeast Asia, apart from its publishing and bookstore businesses.
Image credits: Google Maps, Linkedin/ZQ Capital Limited