| To: Business Editor | For Immediate Release |
DAIRY FARM EXPANDS MALAYSIAN OPERATIONS
WITH ACQUISITION OF GIANT
13th August 1999 - Dairy Farm International Holdings Limited announced today that it is expanding its supermarket operations in Malaysia with the purchase of 90% of the share capital of Giant TMC Bhd.
Giant operates five supermarkets and two hypermarkets and is projecting sales in 1999 in excess of US$200 million. Giant was founded in 1944 and today it is among the top food retailers in Malaysia. Under the terms of the agreement the existing shareholders will continue their involvement in the business. The net asset value of Giant at December 1998 was MYR48 million (US$13 million).
"This agreement will allow Dairy Farm to strengthen its position as the leading international player in this important market," said Michael Kok, Dairy Farm's Regional Director for South Asia.
"Dairy Farm has been looking for opportunities to expand its presence in Malaysia for some time," said Ron Floto, Group Chief Executive. "The Giant acquisition will not only accomplish this; but, will also provide the general merchandise expertise we need to operate hypermarkets in other Asian markets."
The agreement is subject to the necessary regulatory approvals.
Dairy Farm's investments in Malaysia also include a 75% interest in the eight store Wellsave supermarket chain, and a 65% interest in Guardian pharmacy. Guardian, with 59 stores, is the market leader in health, wellness and beauty products.
For further information, please contact:
| Dairy Farm Management Services Limited | |
| Michael Kok | (852) 2299 1881 / (65) 832 9602 |
| Philip Hawkins | (852) 2299 1997 |
| Forrest International Limited | |
| Bob Fienberg | (852) 2501 7908 |
Full text of this and other Group announcements can be accessed through the Internet at "http://www.irasia.com/listco/sg/dfi".
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