SINGAPORE, March 26 -- DFI Retail Group's decision to divest its Singapore supermarket business has paved the way for Malaysia's Macrovalue to expand its presence in the sector in the island nation.

The privately owned firm, co-founded by Datuk Andrew Lim and Datuk Gary Yap, acquired Cold Storage and Giant for S$125 million (RM413.8 million) on Monday, a price they described as reasonable and reflective of the business's true value during an interview with The Straits Times published today.

They also confirmed that no debt was taken to fund the acquisition, the report added.

Lim and Yap emphasised that the deal represents a fair valuation of the supermarkets' market position and growth potential.

"The price tag for the two brands in S...