FamilyMart-Sinar Mas tie up

FamilyMart-Sinar Mas tie up

TOKYO (Reuters): Japan's FamilyMart Co Ltd said yesterday it had reached a basic agreement with Indonesia's Sinar Mas Group to jointly open convenience stores in Indonesia when the economy there recovers.

FamilyMart and Sinar Mas would wait for the Indonesian economy to return to health before conducting a feasibility study and starting operations, said a spokesman for FamilyMart, which is 30.65 percent owned by trading house Itochu Corp.

As of late February, FamilyMart managed a total of 520 convenience stores in Taiwan, 470 in South Korea and 56 in Thailand, the spokesman said.