Pig Farmer’s Sons Become Billionaire Grocers in Pandemic’s Wake [Yahoo! Finance News]
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Source: Yahoo! Finance News
) -- 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 Ltd., which competes with Amazon.com Inc. in the city-state, rose to a record 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% since a March 19 closing low.The family’s combined fortune, based on their 57% stake in the retailer held mainly by Lim and his two brothers, has surged to $1.1 billion, according to the 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
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