Singapore, Nov 12 - Singapore Food Industries said on Wednesday it may sell or shut some of its overseas units and buy businesses closer to home in a bid to streamline its operations.
The firm, which majority shareholder Temasek Holdings is looking to sell, also said revenue growth will likely be hit in the first quarter of next year as the global economic slowdown hits its key markets.
"It will just be harder for us to make our sales in both UK and in Singapore," Chief Executive Roger Yeo told Reuters in an interview on Wednesday. Yeo said SFI has shut its Australian subsidiary Schulz Fisheries and is in talks to divest or shut some of its operations in China and Australia.
The food processing firm has also said it plans to shut a factory in Ireland that produced ready meals and chilled soup, but is in a process of consultation with the labour union. Besides looking at investments closer to home, Singapore Food also hopes to expand its consultancy business which currently involves providing advice to a food company in Abu Dhabi.
"The food business runs on knowledge as well as assets," Yeo said.
Singapore Food has a wide range of businesses from managing abattoirs and pig farms to providing cooked food to the Singapore military. Yeo also said the firm was not affected by the China milk scandal in September which saw thousands of China made dairy-based products pulled of the shelves worldwide.
Singapore state investor Temasek, which owns almost 70 percent of SFI, said last month it is evaluating options for its stake in the food firm, which has a market capitalisation of about $300 million. Yeo declined to discuss Temasek's plans, which sparked a sharp rise in SFI's share price.
SFI shares closed down 1.7 percent on Wednesday, having risen 7.5 percent this year -- outstripping Singapore's benchmark Straits Times Index which has fallen by almost half.