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HONG KONG - Hong Kong-based supermarket operator Dairy Farm International Holdings Ltd. has reached an agreement to acquire the IKEA home furnishing businesses in Hong Kong and Taiwan from Jardine Pacific Holdings Limited, a Jardine Matheson Group affiliate, for $27 million, according to published reports.
Dairy Farm, which is 60-percent owned by Jardine Matheson Holding, owns grocery chains Cold Storage (Singapore), and Wellcome (Hong Kong, Taiwan); drugstore chains Mannings (Hong Kong) and Guardian (Indonesia, Malaysia, Singapore); and 7-Eleven convenience stores (Hong Kong, Singapore, Southern China). Dairy Farm also has stakes in Hong Kong's Maxim's restaurants, India's Foodworld Supermarkets, Health & Glow drugstores, and Indonesia's PT Hero Supermarkets.
Under the agreement, Dairy Farm will acquire four IKEA stores in Hong Kong and one in Taipei, occupying a total retailing area of over 441,000 square feet and employing 600 staff.