Baring-backed Courts Asia seeks expansion

Courts CEO Terry O'Connor publicly said that the investment would go toward opening new outlets and refurbishing current operations in both Singapore and Malaysia, which would collectively add about 1,000 jobs.

Courts is meanwhile considering a float. "We are keeping open to a potential listing and keeping open to potential strategic interests as well," O'Connor said Tuesday.

The news comes one month after a unit backed by Baring Private Equity and a consortium of investors was said to be looking to sell Singapore-based Courts for more than S$500 million. The Baring-backed subsidiary, Asia Retail Group, expected to generate interest from regional and global retail brands as well as private equity groups.

HSBC and BNP Paribas have been hired to manage the sale.

Asia Retail Group first acquired a 54.2% stake in Courts in 2007 for S$56.2 million, and purchased the remaining stake in 2008. Courts was previously listed on both the Singapore and Malaysian stock exchanges before its privatization.

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• Topics
• Southeast Asia
• Consumer
• Baring Private Equity Asia
• Singapore
• Consumer