ZQ Capital takes over 100% of Popular Holdings

Popular Holdings (PHL) has been acquired and fully owned by Hong Kong investment firm ZQ Capital. In a press release, the Singapore-based company, which publishes, distributes, and retails books for both the educational and general fiction markets in Singapore, Malaysia, Hong Kong, and China, announced the "strategic ownership change" that will take effect on Wednesday (Nov 1).

The acquisition includes all of its operations in Greater China, Singapore, Malaysia, and North America. Popular, according to its website, is also present in Taiwan and the United Kingdom (UK). The acquisition terms were not disclosed by the company.

Popular stated that the sale to ZQ Capital would have no impact on the company's human resources policies, ensuring "continuity in terms of headcounts and remuneration."

The company added it would "maintain its corporate culture" and "sustain the momentum of our current business operations".

"PHL assures its valued customers, staff, suppliers, partners and all stakeholders that amidst this transition, there will be no change in the values it holds, the way it operates or the services it provides," it said.

On the decision to sell to ZQ Capital, Popular added it had "full confidence" that the move would steer the company towards a "more prosperous and successful future".