DAIRY Farm subsidiary Franklins has bought a chain of supermarkets in Queensland, Australia.
Franklins had 240 supermarkets in Australia, including 55 in Queensland, before the acquisition.
The acquisiton of the A$70 million (about HK$392 million) turnover Giant chain of supermarkets will add a further five branches to the roster in a deal worth $12 million.
Giant has two stores in Brisbane, two on the Gold Coast and one in Bundaberg. It also has two undeveloped sites. Franklin intends retaining all 600 of Giant's staff.
Franklin managing director Ken MacDonald said the acquisition would lift his chain's market share in Brisbane from 17.8 per cent to 20 per cent and raise its national market share from 16 per cent to 16.3 per cent, consolidating its position as the third largest chain in Australia.
''The acquisition of Giant forms part of our plans to spend $350 million over the next three years to expand our operations and is another step in our goal of achieving a 20 per cent share of the national market within the decade,'' he said.
