Metro Cash And Carry Limited - Metcash Trading Lim
Metro Cash And Carry Limited
Registration number: 1946/021315/06
JSE Code : MTC
ISIN Code: ZAE000012688
("Metcash")
Metcash Trading Limited withdraws from Philippines Joint Venture
Metcash`s Australian subsidiary, Metcash Trading Limited ("Metcash Trading"),
has announced its decision to withdraw from its proposed acquisition of a 65 per
cent stake in Suy Sing Commercial Corporation, a Philippines based grocery
distributor.
On 2nd October 2002 Metcash Trading announced the intention to acquire 65% of
Suy Sing Commercial Corporation.
Since then, an intensive due diligence program has been undertaken. Fundamental
differences on substantial issues have emerged and remain unresolved.
Accordingly, it has been decided to terminate negotiations and withdraw from the
acquisition.
Chief Executive of Metcash Trading, Mr. Andrew Reitzer, said "Given the
increasing level of uncertainties in the world economy, the short-term focus of
Metcash Trading will be on building the existing three businesses and taking
advantage of opportunities within Australia".
He concluded, "In the medium term, the company remains committed to establishing
a fourth business pillar, located either domestically or internationally, and
opportunities will be pursued as they are identified".
For Further Information Call:
George Cocolas
Group Investor Relations Officer
(011) 809-5526
Date: 28/01/2003 08:43:00 AM Produced by the JSE SENS
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