"This move, while surprising, highlights that management will not shy away from disposing business that it deems to be not contributing to shareholder value," says DBS, which is keeping its "buy" call and US$3 price target on this stock.
DFI Retail, having announced the sale of its Cold Storage and Giant supermarket business here in Singapore and Malaysia for $125 million, might sell its stake in associate Robinson Retail listed in the Philippines, says DBS Group Research.
This follows the sale of its loss-making stake in China supermarket chain Yonghui last September.
