This acquisition saw Dairy Farm and LMG enter into a 70:30 joint venture, effective 8 March. LMG operates Lucky Supermarket and Lucky Burger in the country.
Heng Hang Meng, executive chairman at LMG, was quoted as saying, “Many Cambodians grew up expecting quality products and food from our businesses all these years. I am confident our joint venture with the Dairy Farm, a leading pan-Asian retailer, will continue to deliver to our loyal Cambodian patrons with premium products and services.”
A member of the Jardine Matheson Group, Dairy Farm controls Cold Storage, Giant and Guardian in Malaysia and Singapore, as well as Hero in Indonesia.
In its earnings report for 2011, released on 1 March, Dairy Farm said it had agreed to acquire a 70 per cent equity interest in “a supermarket chain in Cambodia” last month, with the local joint-venture partner retaining 30 per cent.
“This venture creates a good platform for growth in this developing economy, and increases to 11 the number of territories in Asia in which the group is active,” it added.
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