PT Hero is Indonesia’s leading supermarket chain with 100 stores under the Hero banner as well as 10 Giant hypermarkets, 80 Guardian health and beauty stores and 42 Stamart convenience stores.
Dairy Farm is to make an offer which values PT Hero at $103m
Ronald J Floto, Dairy Farm Group’s chief executive said: “Dairy Farm is confident that PT Hero has attractive prospects in the medium term. We believe an increase in our ownership of PT Hero would provide a basis for it to achieve closer co-operation and further synergies with the Dairy Farm Group.”
Dairy Farm operates 2,680 outlets in Asia, including supermarkets, hypermarkets, health and beauty stores, convenience stores, home furnishings stores and restaurants, with a total sales of $4.5bn recorded for 2003.