Dairy buys stake in Hero

Wed, 18 Feb 1998, 00:00 WIB | Source: REUTERS

LONDON (Reuters): Trade and retail group Dairy Farm
International Holdings Ltd said yesterday it was paying $36.4
million for a stake in Indonesia's PT Hero super market chain.

Dairy Farm, partially owned by Hong Kong's Jardine Matheson
Holdings, said it had bought a bond from PT Hero Pusakasejati
which would be exchangeable into 24.55 percent of shares in Hero
after five years.

Dairy Farm has also bought a direct 6.63 percent stake in
Hero, giving it an eventual total control of 31.18 percent.

Dairy Farm, which also controls 29.4 percent in Britain's Kwik
Save Group Plc, said it was funding this acquisition from its
existing cash resources.

Hero, founded in 1971, is one of the leading supermarket
chains in Indonesia. It has a total of 71 supermarkets in Java,
Kalimantan, Bali and Sumatra.

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