Hong Kong, 2016-Aug-16 — /EPR Retail News/ — Dairy Farm International Holdings Limited today announced that its wholly-owned subsidiary, The Dairy Farm Company, Limited, has completed the acquisition of a further 286,934,440 shares in Yonghui Superstores Co., Ltd (‘Yonghui’) for a consideration of approximately US$190 million.
The acquisition, which is alongside an acquisition by JD.com of a 10% interest and by Mr. Zhang Xuansong, the Chairman of Yonghui, of a 2% interest, maintains Dairy Farm’s shareholding in Yonghui at 19.99%.
The acquisition was first announced on 7th August 2015, and had been subject to the receipt of the necessary regulatory approvals. The number of shares subscribed by Dairy Farm was adjusted from the amount originally announced to take account of a bonus issue of shares made by Yonghui in June 2016.
Yonghui is a Shanghai-listed hypermarket and supermarket operator based in Fuzhou, Fujian province in mainland China. As at 31st March 2016, Yonghui operated 412 retail outlets across China.
Dairy Farm is a leading pan-Asian retailer. The Group, together with its associates and joint ventures, operates some 6,500 outlets – including supermarkets, hypermarkets, convenience stores, health and beauty stores, home furnishings stores and restaurants – employing over 180,000 people, and had total annual sales in 2015 exceeding US$17 billion. Dairy Farm International Holdings Limited is incorporated in Bermuda and has a standard listing on the London Stock Exchange as its primary listing, with secondary listings in Bermuda and Singapore. It is a member of the Jardine Matheson Group.
For further information, please contact:
Dairy Farm Management Services Limited
Lancy Ng
(852) 2299 3011 Brunswick Group Limited
Siobhan Xiaohui Zheng
(852) 3512 5044
This and other Group announcements can be accessed through the Internet at ‘www.dairyfarmgroup.com’.
Source: Dairy Farm International Holdings Limited