Pan-Asian retailer Dairy Farm International Holdings has acquired a 50% stake in Philippines peer Rustan Supercenters.
Rustan runs ten hypermarkets and 22 supermarkets in the country. The deal, struck for an undisclosed sum, was announced in a trading update UK-listed Dairy Farm issued yesterday (9 May).
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Dairy Farm also said it had bought a 70% stake in a company that runs six Lucky supermarkets in Cambodia last month.
In an update on trading from the start of the year to 8 May, the retailer, which runs stores across Asia, said its “major businesses had performed well”.
It said it made “steady progress” in China, where it operates 7-Eleven stores on a franchise basis. Dairy Farm also reported a “strong performance” in Hong Kong and said its supermarkets in Taiwan “continued to improve”. The retailer runs supermarkets under the Wellcome banner in both markets.
In Malaysia, Dairy Farm said it faced “increased competition” but said it saw “steady performances” in Singapore and higher profits in Indonesia.
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