Teng family continues to run Jaya Grocer

The JV is believed to have used a PE fund known as the Asean Industrial Growth Fund (AIGF), which was set up five years ago with an initial fund size of US$130mil (RM527mil), to acquire the grocery chain. It is a South-East Asia-focused PE fund with investors mainly from Japan. Development Bank of Japan Inc is also reportedly a member of the partnership.

PETALING JAYA: The Teng family, best known as the founders of the Giant retail chain from which they divested in 1999, will continue to manage and majority-own the Jaya Grocer high-end supermarket retail chain.

Retail industry officials said that the Teng family will continue to hold 55% of Jaya Grocer, while a private equity fund, the Asean Industrial Growth Fund (AIGF), will own the remaining 45% stake.