Popular Holdings confirmed the news when asked by Singapore’s Lianhe Zaobao newspaper, and revealed that ZQ Capital will acquire all of Popular’s businesses in Singapore, Malaysia, Greater China, and North America.
Popular Core Values Remain Unchanged
According to a letter sent by Volkswagen to its Malaysian suppliers, Popular’s Group Chief Executive Chou Cheng Ngok has decided to retire.
The letter indicates that their core values, operations, and services will not change. In addition to this, they become a full service education provider in addition to their publishing and bookstore business. The bookstore will also explore emerging markets in China and Southeast Asia.
Popular also said there will not any affect in the group’s human resources policies and that the original staff structure and remuneration packages will be maintained.
ZQ Capital, which acquired Popular, was founded in 2016 and its headquarters are located in Hong Kong. They also have offices in Shanghai and Singapore.