Singapore’s GIC Private Ltd. acquires a large stake in Coles

GIC Private Limited, a prominent fund manager headquartered in the Republic of Singapore, announced on Thursday its new beneficial ownership of Coles shares in a regulatory filing with the U.S. Securities and Exchange Commission (SEC). revealed.

According to the filing, GIC acquired 5,543,944 shares of Kohl’s common stock, representing approximately 5.01% of the stock.

GIC is one of Singapore’s three investment corporations that manage Singapore’s foreign exchange reserves, along with the Monetary Authority of Singapore (MAS) and Temasek. This joins other major institutional investors that hold shares in Kohl, including BlackRock, Vanguard, T. Rowe Price, Dimensional Fund Advisors, State Street, and Macellum Advisors.

The move follows increased investor interest in Kohl’s. Reuters reported on Tuesday that Miami-based investment management firm Vision One Management Partners also invested in Kohl’s stock and expressed concern about the company’s future.

Citing anonymous sources, the report said Vision One urged Kohl’s to begin the sale process and provide representation on the board to address concerns.

The company will be helmed by Tom Kingsbury, former CEO of off-price chain Burlington Stores. Mr. Kingsbury assumed leadership of the Kohl’s Board of Directors in 2021 as CEO.