SINGAPORE (Mar 23): Dairy Farm International's wholly-owned Rustan Supercentres (RSCI) will be partnering Philippine-listed Robinsons Retail (RRHI) to build a leading food retail business in the Philippines.

Robinson’s main formats are supermarkets, department stores, do-it-yourself stores, drugstores, convenience stores and apparel stores, and it also holds a minority interest in Robinsons Bank.

Dairy Farm is to exchange its interest in RSCI for new shares in RRHI representing some 12.15% of its enlarged share capital at an agreed price per share of PHP94 valued at some US$346 million ($455 million).

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