With its ongoing hospitality projects on hold because of the Covid-19 pandemic, Mercurius Capital Investment has chosen to diversify into the consumer staples business of selling groceries instead.

On July 12, Mercurius announced further details of a planned $36 million acquisition of an entity called Songmart Holdings, which operates 12 minimarts and convenience stores under the “Songmart” brand as well as a supermarket branded “Granville”. These outlets are all located in Johor, Malaysia.

With the ongoing pandemic disrupting economies and businesses, Mercurius is but one of a growing number of Singapore-listed companies that in a way has gone back to the basics: to try and eke out new growth in the decidedly staid but more resilient consumer staples and food-related sector.

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