INDONESIA/NETHERLANDS: Ahold to divest its Indonesian operation to Hero
Troubled Dutch retailer Royal Ahold has announced that it has reached an agreement for the sale of its Indonesian operation to food retailer PT Hero Supermarket for approximately €12m (US$13.2m), excluding proceeds from the sale of store inventory. The company said the asset purchase agreement is subject to the approval of Hero's shareholders and is expected to be finalised in the third quarter of 2003. Hero is a prominent food retail group listed on the Jakarta stock exchange with 200 outlets throughout Indonesia.
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