China Resources looking at sale of Hong Kong meat unit: Bloomberg

HONG KONG Mon Oct 7, 2013 8:49pm EDT

Related Topics

HONG KONG (Reuters) - State-backed conglomerate China Resources Enterprise Ltd (0291.HK) is studying options for its Hong Kong meat distribution unit, including a possible sale, Bloomberg News reported.

Citing two people with knowledge of the matter, Bloomberg said late on Monday that China Resources, which took beef supplier Ng Fung Hong private in 2001 in a deal valued at HK$5.1 billion ($658 million), may start a strategic review of the business as early as this year. It gave no further details.

The beer-to-retail conglomerate did not immediately reply to a request for comment.

China Resources, the country's second-largest supermarket chain, is among the bidders for ParknShop, Hong Kong's biggest supermarket chain controlled by tycoon Li Ka-shing. Analysts have said the purchase would help the company expand market share through a quality brand.

($1 = 7.7544 Hong Kong dollars)

(Reporting by Donny Kwok; Editing by Anne Marie Roantree and Edwina Gibbs)

FILED UNDER: