Dairy Farm Unit to Buy 19.99% Stake in Yonghui Superstores
11 August 2014 - 12:25PM
Dow Jones News
LONDON--Pan-Asian retailer Dairy Farm International Holdings Ltd
(DFIB.LN) Monday announced that its subsidiary, The Dairy Farm
Company Ltd, has agreed to acquire a 19.99% interest in Yonghui
Superstores Co. Ltd (601933.SH) by way of subscription of new
shares for a consideration of $925 million.
The Dairy Farm Company Ltd has also entered into a business
co-operation agreement with Yonghui.
The investment requires the approval of Yonghui's shareholders
and the obtaining of certain regulatory approvals in the PRC. The
regulatory approval process is expected to take at least six months
to complete.
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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