Auric Pacific Group has taken a 30% stake in Singapore's oldest department store operator Robinsons from Oversea-Chinese Banking Corporation (OCBC).

The strategic move into the retail sector by Auric, coming with a US$128m price tag, was advised by Stamford Law Corporation's Lean Min-tze and Jason Goh.

Rajah & Tann acted for OCBC, with WongPartnership acting for its subsidiary Great Eastern Holdings which was a co-vendor for the sale.

The deal is expected to give food manufacturer and wholesale distributor Auric a platform to expand into regional countries like Indonesia and the PRC.

The acquisition is subject to Auric shareholder approval and is expected to be complete in mid-2006.