Tops acquisition by Hero approved

Tops acquisition by Hero approved

JAKARTA: The shareholders of publicly-listed PT Hero Supermarket approved Thursday the acquisition of Tops Supermarket by the leading retailer.

Hero said in a statement that an extraordinary shareholders' meeting had agreed that the acquisition dovetailed well with the firm's network of stores.

"The acquisition of Tops Supermarket will accelerate the expansion of the Hero network at a relatively low cost," president Ipung Kurnia said, adding the acquisition would particularly boost Hero's presence in Bandung and Surabaya, where Tops stores are mostly located.

The 22 Tops stores will be gradually rebranded as Hero stores, increasing Hero's network to 111 outlets.

Aside from Hero supermarkets, Hero also operates the Giant supermarket, Guardian pharmacy and Starmart minimart chains. As of Dec. 31, 2002, Hero employed 9,000 people. -- JP