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Article: HK'S DAIRY FARM TO SELL DOWN AUSTRALIAN FRANKLINS SUPERMARKET CHAIN.
- Article from:
- AsiaPulse News
- Article date:
- April 18, 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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SYDNEY, April 18 Asia Pulse - Hong Kong's Dairy Farm International plans a managed sell down of its Franklins supermarket chain, with 80 of the stores to be sold to Woolworths Ltd (ASX:WOW).
"The majority of the stores will be sold to independents, primarily through a strategic alliance with Metcash," Dairy Farm said.
The sell-down will lead to a transfer of more than $A2.38 billion ($US1.19 billion) of retail sales, or 60 per cent of Franklins total sales, a year to independent operators.
Dairy Farm said the key to its sell down plan was a "joint independent divestment alliance" (JIDA) between Franklins and Metcash.
The JIDA will ...