National grocery and liquor wholesaler Metcash has announced that it has entered into an agreement to sell its remaining Action supermarkets in Western Australia.
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The stores, which are now branded Supa IGA, were acquired through Metcash’s purchase of Foodland’s Australian businesses in 2005.
Metcash said the large-format Supa IGA stores have been sold to a joint venture of existing, independent IGA retailers and former Foodland executives, with Metcash retaining a minority stake.
The divestment, which remains subject to due diligence, is expected to be completed by the end of October 2007, the company said. The net proceeds from the sale are expected to be in line with its previous forecasts, Metcash added.
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