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Article: Dairy Farm sells assets to boost Asia profits.
- Article from:
- Sunday Business (London, England)
- Article date:
- April 22, 2001
CopyrightCOPYRIGHT 2001 Sunday Business Publishing. 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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DAIRY Farm International, the food and drugstore retailing group controlled by Jardine Matheson, plans to use the proceeds of its progressive sell-down of loss-making Australian assets to expand in Southern China and Malaysia, where business remains strong.
Ian Durant, group finance director based in Hong Kong, said Dairy Farm wanted to increase the total of 7-Eleven stores in Guongdong province and Hong Kong from 50 to 300 within three years. In Malaysia the company already owns nine hypermarkets under the Giant name and 45 drug stores. More are planned.
"Consumer confidence is strong in Southern China, including Hong Kong, as well as Malaysia, so it's ...