Dairy Farm International has completed the acquisition of a further 286.93 million shares in Shanghai-listed hypermarket and supermarket operator Yonghui Superstores Co for US$190 million.
The acquisition, which was first announced on Aug 7 last year, had to go through the necessary regulatory approvals. The number of shares subscribed by Dairy Farm, via wholly-owned subsidiary The Dairy Farm Company, was adjusted from the original amount to take into account a bonus issue of shares made by Yonghui in June 2016.
The acquisition, which is alongside an acquisition by JD.com of a 10 per cent interest and by Zhang Xuansong of a 2 per cent interest, maintains Dairy Farm's shareholding in Yonghui at 19.99 per cent. Mr Zhang is chairman of Yonghui.