Britain's Tesco buys stake in Turkish Kipa
Britain's biggest retailer Tesco is set to acquire a stake in Turkish food retailer Kipa. The British supermarket chain signed an exclusivity agreement with Kipa in August, forging a partnership between the two companies. Kipa’s board of directors of approved the sale Thursday, February 27.
Founded in 1992, Kipa Kitle Pazarlama Ticaret ve Gıda Sanayi Anonim Şirketi (Kipa Mass Marketing Commerce and Food Industry Corporation) now owns five hypermarkets in and around Izmire and employs over 1,000 people. It reported a 5.9 trillion Turkish lira profit ($3.56 million) in the first nine months of 2002. — (menareport.com)
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