Urban Tea: Slips on plans to acquire controlling stake in two firms

Bit Brother

27/08/2020 18:22

** Shares of specialty tea retailer  MYT.O  down 6.7% at
$1.87
    ** China-based MYT signs a letter of intent to acquire
controlling stake of a brand management firm and a supply chain
management co  urn:newsml:reuters.com:*:nASA014AB
    ** According to the deal, MYT's unit Ming Yun Tang will
acquire 51% of each of the two companies' equity with cash and
restricted shares of Urban Tea
    ** The two companies are Chuangyeying Brand Management,
which manages over 300 tea beverages franchisees and Store
Master Food Trading, which specializes in supply chain
management and product research 
    ** MYT stock down ~71% YTD 

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2804, outside U.S. +91 80 6182 2630;))