Pan-Asian retailer Dairy Farm Group has signalled a move into Cambodia with the recent formation of a joint venture with the Lucky Market Group (LMG), which operates a supermarket chain there.
LMG, which also operates a chain of hamburger restaurants, opened its first supermarket in Cambodia in 1993.
“Many Cambodians grew up expecting quality products and food from our businesses all these years,” LMG executive chairman Heng Hang Meng said in a statement regarding the tie-up with Dairy Farm. “I am confident our joint venture with Dairy Farm, a leading pan-Asian retailer, will continue to deliver to our loyal Cambodian patrons with premium products and services.”
The joint venture, to be known as DFI Lucky Private Ltd, was effective as of 8 March.
According to a report in the Phnom Penh Post, Dairy Farm stated in its earnings report for 2011, released this month, it had agreed to acquire 70 per cent equity interest in a Cambodian supermarket chain, while the local partner would make-up the remaining 30 per cent of the joint venture.
The report stated the venture would create a good platform for growth in Cambodia, and increased to 11 the number of territories in Asia in which the group was active.