Singapore supermarket chain Sheng Siong Group’s share price hits record high as coronavirus drives shopping surge

Lim Hock Chee and his wife used to sell chilled pork at a rented stall in a grocery store. Now, after more than 35 years, his family operates 61 supermarkets across Singapore and has joined the ranks of billionaires.

Shares of their Sheng Siong Group, which competes with Amazon.com in the city state, rose to a record on Wednesday as supermarkets have become the preferred place to shop after the government imposed a partial lockdown to contain the coronavirus pandemic. The stock has rallied more than 30 per cent since a March 19 closing low.

The family’s combined fortune, based on their 57 per cent stake in the retailer held mainly by Lim and his two brothers, has surged to US$1.1 billion, according to the Bloomberg Billionaires Index. That would have been inconceivable when Lim started the pork stall to help alleviate a supply glut at his father’s pig farm.

The brothers took over the supermarket where the stall was located and turned it into the first Sheng Siong store in 1985, and today is planning a foray into Singapore’s digital banking scene.

The founders declined to comment on their wealth, according to a Sheng Siong spokesman. The brothers and their family were thrust into the media spotlight in 2014, when their mother was kidnapped. She was released unharmed after Lim paid ransom, and the kidnapper was sentenced to life imprisonment.

Regulatory filings show that Lim bought more shares last month through an account jointly held with his wife. He may have learned a thing or two from previous outbreaks.