The deal will see DFI trade its 100% stake in Rustans Supercenters (RSCI) for a 12.15% stake in RRHI, and fork out an additional US$174 million for another 6.1% stake in Philippines Stock Exchange-listed group.
SINGAPORE (Mar 26): CIMB Research is keeping its “hold” call on Dairy Farm International with an unchanged price target of US$8.40 pending further details on the gearing up of its business in the Philippines.
To recap, DFI is planning to acquire an 18.25% stake in Philippines-based Robinsons Retail Holdings Inc (RRHI) in a deal worth close to US$520 million ($684 million).
