Financial News
Written by: Lin Leqian
2020-08-07 10:02
Last update date: 2020-08-07 10:53Earlier, it was reported that City'super, a Japanese supermarket, might change hands to a Chinese consortium. According to "Bloomberg", according to an email statement, CR Capital, an investment company under China Resources, and a private equity fund completed the acquisition of 65% of the Japanese supermarket, but did not disclose the transaction amount.
Inquiries have been made to CR Capital and Wheelock on the transaction "Hong Kong 01", but no reply was received.
Jiang Bingsu, the former major shareholder and chief executive of Fenix Group, said in an interview that the progress of the transaction "should be about the same." However, since a confidentiality agreement has been signed, the details were not disclosed.
The third wave of the local epidemic broke out. When asked whether City'super was affected by the situation recently, he said that the business volume was "good enough." Sales in July were similar to the first half of the year. Supermarket business has always been relatively stable, but it has little impact on LOG-ON business. . Sanhuang Group also has clothing brands such as Anteprima, ATSURO TAYAMA, etc. He said the epidemic has hit the clothing business harder.
China Resources led a consortium to acquire 65% of City'super. (Photo of company)
Statement expected to complete the transaction in the fourth quarter of this year
At present, the Japanese-funded enterprise Fenix Group holds about 60% of the shares of City'super, and about 39% of the shares are held by Wu Guangzheng, a shareholder of Wheelock. The statement pointed out that the transaction must be approved by the Chinese regulatory authorities and is expected to be completed in the fourth quarter of this year. City'super CEO Wu Jiahua will continue to serve.
Earlier, "Bloomberg" reported that the transaction price is equivalent to 300 million US dollars (about 2.34 billion Hong Kong dollars). CR Capital, an investment company under China Resources, will acquire about 40% of the shares of City'super, and the Feng Group, a subsidiary of China Resources Group and Feng Guojing Brothers The formed joint venture company will purchase 25% of the equity.
Has 20 branches in Hong Kong
Earlier reports indicated that Fenix Group had planned to hold the first round of bidding at the end of March or early April this year. However, due to the new crown pneumonia epidemic, it may be postponed, and travel restrictions made it almost impossible for bidders to conduct on-site inspections in China.
According to data, City Super Group was established in 1996. The first city'super store was opened in the tourist area of Causeway Bay, becoming the first "large lifestyle store" in Hong Kong. According to the official website, the group currently has 3 major brands, including local Japanese supermarket city'super, LOG-ON and cookedDeli. It currently has 20 stores in Hong Kong, 6 stores in Shanghai and 7 branches in Taiwan.
"Bloomberg": City'super received a consortium led by China Resources Group to spend more than 2.3 billion yuan to purchase 65% of the shares
City'super’s proposed sale is rumored to be bid by local Da Masha, China Resources and Yonghui Supermarkets
China Resources Group Wheelock
