Sheng Siong working to keep prices affordable despite Iran war impact on costs
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SINGAPORE — Supermarket chain Sheng Siong is working to keep essential items affordable and available despite the trade disruption and higher costs resulting from the Iran war.The comments came in a Singapore Exchange filing on April 23 in response to shareSheng Siong working to keep prices affordable despite Iran war impact on costs
SINGAPORE — Supermarket chain Sheng Siong is working to keep essential items affordable and available despite the trade disruption and higher costs resulting from the Iran war.The comments came in a Singapore Exchange filing on April 23 in response to shareholder questions ahead of the company’s April 29 annual general meeting.On whether the company plans to increase prices to cope with any cost increases, or foresees product shortages from supply chain disruptions, Sheng Siong said: “At this stage, the Group does not foresee any major disruptions that would materially affect the availability of essential products.“While there may be some upward pressure on costs and prices, the Group will continue to do its best to keep essential items available, affordable and competitively priced.”The company added that the conflict in the Middle East has contributed to trade rerouting, higher energy prices and increased freight costs. But the more immediate impact is likely to be higher global costs from rising fuel, fertiliser and packaging prices, rather than direct supply disruptions. Read more
