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Article: DAIRY FARM SELLS HONG KONG DISTRIBUTION UNIT TO CITIC PACIFIC.
- Article from:
- AsiaPulse News
- Article date:
- February 6, 2001
CopyrightCOPYRIGHT 2001 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HONG KONG, Feb 6 Asia Pulse - Diversified Asia Pacific retailer Dairy Farm international Holdings has agreed to sell CITIC Pacific Limited its Hong Kong-based distributution subsidiary Sims Trading Company Ltd.
Wholly-owned Citic Pacific subsidiary Broadview Investments Holdings Limited will pay US$58 million (HK$450 million) for Sims, Dairy Farm said in press release, adding that it would use the money for general corporate funding.
The transaction is scheduled to be completed by the end of this month and will leave Dairy Farm with a gain of about US$20 million.
"Dairy Farm's strategy is to focus on its core strengths ...