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Dairy Farm Acquires Shop N Save Supermarkets In Singapore
Shop N Save operates 35 stores in Singapore and is the third largest supermarket chain in the country. The acquisition of the Shop N Save outlets will increase the number of the group's supermarkets in Singapore to 75 stores.
Commenting on the acquisition, Michael Kok, Dairy Farm's Regional Director for South Asia, said, "This transaction is a further example of our successful strategy of making bolt-on acquisitions in markets that we know well. It will help us to offer services to more customers, especially those in Singapore's heartland areas."
"With a clear focus on quality and value, Dairy Farm has been able to develop the largest retail group in Singapore, which will exceed 400 outlets - including supermarkets, hypermarkets, health and beauty stores, convenience stores and photo finish stores," said Ronald J. Floto, Group Chief Executive of Dairy Farm.
The acquisition, which is expected to be completed shortly, will be funded from Dairy Farm's internal cash resources. Shop N Save is owned jointly by Singapore's QAF Ltd and Belgiumbased Delhaize Group through Delhaize "The Lion" Nederland, a wholly-owned Dutch subsidiary.
Dairy Farm is a leading pan-Asian retailer. At 30th June 2003, the Group and its associates operated 2,400 outlets - including supermarkets, hypermarkets, health and beauty stores, convenience stores, home furnishings stores and restaurants; employed 52,500 people in the region; and had 2002 total sales from continuing operations of US$4.0 billion. Dairy Farm is a member of the Jardine Matheson Group.