Retailer MINISO to buy nearly 30% stake in China's Yonghui for $893 mln (updated)

MINISO Holding

23/09/2024 13:34

(Updates with further details and background)
       Sept 23 (Reuters) - MINISO  9896.HK  will take up a
29.4% stake in retailer Yonghui Superstores  601933.SS  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, a global retailer of trendy lifestyle products, will
buy the shares from units of Singapore-based DFI Retail Group
 DFIR.SI  and Chinese e-commerce giant JD.com  9618.HK . 
    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  JARD.SI . 
    MINISO plans to fund the acquisition through internal
resources and external financing. 
    
($1 = 7.0542 Chinese yuan renminbi)

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by Janane
Venkatraman and Devika Syamnath)
 ((Rishav.Chatterjee@thomsonreuters.com;))