| To: Business Editor | For immediate release |
DAIRY FARM TO EVALUATE OPTIONS FOR ITS NEW ZEALAND SUPERMARKET BUSINESS
13th July 2001 - Dairy Farm International Holdings Limited notes the New Zealand Commerce Commission's clearance of the application by Progressive Enterprises, a wholly- owned subsidiary of Foodland Associated Limited, to pursue a possible offer for Woolworths (New Zealand). The application is subject to a review by the Court of Appeal, which is expected later this month.
The publicity surrounding the application to the Commerce Commission has prompted other regional and international retailers to approach Dairy Farm, which has appointed JP Morgan to assist in evaluating these expressions of interest and to progress discussions with the various parties.
Ian Durant, Group Finance Director, said, "Woolworths (New Zealand) is very successful and profitable and is therefore a valuable business to Dairy Farm. There has been no decision taken to sell, but following Foodland's unsolicited approach in May, we have received other expressions of interest and Dairy Farm will need to evaluate these and other options for the business before making any decision."
Dairy Farm is a leading food and drugstore retailer in the Asia-Pacific Region. At 31st December 2000, the Group and its associates operated over 2,200 outlets, principally supermarkets, hypermarkets, convenience stores and drugstores, employed some 79,000 people in nine territories and had sales of US$6.6 billion in 2000.
For further information, please contact:
| Dairy Farm Management Services Limited | |
| Ian Durant | (852) 2299 1896 (office) (852) 9122 0868 (mobile) Email: idurant@dairy-farm.com.hk |
| Golin/Harris Forrest | |
| Bob Fienberg | (852) 2501 7908 Email: bob.fienberg@golinharris.com.hk |
This and other Group announcements can be accessed through the Internet at "www.dairyfarmgroup.com".
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