You are here

Dairy Farm completes acquisition of additional Yonghui shares for US$190m

PN - Dairy Farm - 100819.jpg
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.

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.

sentifi.com

Market voices on:

grab

Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.

Find out more at btsub.sg/promo

Powered by GET.comGetCom