Withdrawal from Taiwan

Kingfisher has announced today that it is selling its 50 per cent stake in B&Q Taiwan to its joint venture partner, Test Rite International, for US $ 106.5 mio (£ 51.6 mio). The transaction is to be finalised by 31 December 2007, provided that the Taiwanese authorities approve the arrangement. Kingfisher intends to use the proceeds from the sale to reduce debt. Kingfisher opened the first B&Q store in Asia with its joint venture partner Test Rite International in 1996. Today the company operates 21 stores in Taiwan and employs a workforce of 1 800.