Stock News: FJ Benjamin to open 20 Gap stores in Indonesia

Singapore's FJ Benjamin Holdings Ltd, a franchise partner of US specialty retailer Gap Inc, said it plans to open 15 Gap, BabyGap and GapKids stores and five Banana Republic stores in Indonesia by 2011. It said the stores will be in Jakarta, Surabaya, Bandung and Bali, with Jakarta to have the first Gap and Banana Republic stores in March 2007. Apparel retailer Gap owns the Gap, Old Navy and Banana Republic brands. The move follows the signing of an agreement between FJ Benjamin Lifestyle Pte Ltd, the Singapore subsidiary of FJ Benjamin Holdings, and GPS Strategic Alliances LLC, a wholly owned subsidiary of Gap Inc. The agreement will run until 2011, concurrently with similar agreements signed in January 2006 for Singapore and Malaysia. Angie Chong, CEO of FJ Benjamin Malaysia Sdn Bhd, FJ Benjamin Lifestyle Sdn Bhd and FJ Benjamin Lifestyle Pte Ltd, will oversee the launch and growth of the brands in Indonesia.