Retailer Miniso to Buy Nearly 30% Stake in China's Yonghui for Around $900 Mln

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Retailer Miniso to Buy Nearly 30% Stake in China's Yonghui for Around $900 Mln

Reuters09-23

Sept 23 (Reuters) - MINISO will take up a 29.4% stake in retailer Yonghui Superstores for 6.3 billion yuan ($893.08 million), the household consumer goods retailer said on Monday, on track to becoming the largest single shareholder in the Chinese firm.

Miniso shares dropped 14.2% in morning trading.

MINISO, a global retailer of trendy lifestyle products, will buy the shares from units of Singapore-based DFI Retail Group and Chinese e-commerce giant JD.com.

The purchase price will be 2.35 yuan per share, a 3.1% premium to the Yonghui stock's close on Sept. 20.

Guangdong Juncai International Trading, the China-based unit of MINISO, struck the deal with various sellers, including a unit of DFI Retail, which belongs to British multinational conglomerate Jardine Matheson.

MINISO plans to fund the acquisition through internal resources and external financing.

($1 = 7.0542 Chinese yuan renminbi)

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tiger thinker
·09-23
Wonderful piece of news . Yonghui's underperformance has been weighin on dfi for the last 4-5 years. Taking the stock down from 12s to 1.8ish . Just focus on asia ex china and they should rise back above $7-8
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