HK's Convenience Retail plans sale of Circle K to Alimentation Couche-Trad for $360 mln

Convenience Retail Asia

05/11/2020 01:06

HONG KONG, Nov 5 (Reuters) - Convenience Retail Asia Ltd
 0831.HK  said on Thursday it had agreed to sell its convenience
store business in Hong Kong to Canadian convenience store and
road transportation fuel retailer Alimentation Couche-Tard Inc
 ATDb.TO  for HK$2.79 billion ($359.8 million).
    The Circle K convenience stores and Saint Honore bakery
chain operator plans to declare a special dividend of HK$3.85
per share to its shareholders, with the dividend to be paid
before the end of 2020, the firm said in a filing to the Hong
Kong bourse.
    The convenience store business, with net asset value of
HK$622 million as of end-June 2020, comprises of 340 Circle K
stores in Hong Kong, and the net proceeds will be used to pay
the special dividend, the Hong Kong-listed firm added.
       
     ($1 = 7.7545 Hong Kong dollars)

 (Reporting by Donny Kwok; Editing by Kim Coghill)
 ((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters
Messaging: donny.kwok.reuters.com@reuters.net))