Matahari eyes Singapore's premier retailer

Matahari eyes Singapore's premier retailer

Deutsche Presse-Agentur Singapore

Thailand's Central Group, Filipino tycoon John Cokongwei and Indonesian's Lippo Group are among the front-runners said to be keen on buying the retail operations of Singapore's Robinson and Co., it was reported on Tuesday.

The city-state's premier retailer said last Friday it plans to sell its operations under Robinsons and John Little as well as the Marks & Spencer franchise that it operates in Singapore and Malaysia.

Analysts put the price at S$400 million (US$230 million).

"The Central Group of Thailand is a potential suitor," an analyst in Bangkok told The Business Times.

"Before the Asian financial crisis, it has been aggressively expanding within Thailand," he was quoted as saying. "Today, it still harbors the ambition of expanding into other regional markets."

Central Retail Corp claims to be the largest retailer in Southeast Asia.

Sources told the newspaper the cash-rich Gokrongwei family, which runs the other unrelated Robinson department store in the Philippines, is another potential suitor.

Matahari, Indonesia's premier retail company linked to James Riady's Lippo Group, is also among the keenest.

Indonesian shoppers are among Singapore's top spenders.

There has also been speculation that Japanese retailers including Seibu, Isetan and Sogo were among potential suitors for the 145-year-old Robinson's

Sources also said there are up to three parties from Hong Kong "which are in broadly similar businesses" which have voiced their interest.