China Resources says to buy hypermarket chain, brewery
HONG KONG, Oct 29 (Reuters) - Chinese conglomerate China Resources Enterprise Holdings (0291.HK) said on Thursday that it would buy a mainland hypermarket chain and a brewery in Shandong, valuing HK$4.94 billion ($637 million), in an asset swap agreement with its major shareholder China Resources (Holdings) Co Ltd.
As part of the deal, the listed firm will transfer its entire interest in a textile division and minority investments in container terminal operations in Hong Kong and Yantian, valued at HK$4.78 billion, to China Resources (Holdings) and will pay another HK$30 million in cash.
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Last week, China Resources said it would speed up sales of assets, including a textiles business, a 51 percent stake in an Esprit (0330.HK) China joint venture and a 10 percent stake in Hongkong International Terminals (HIT) -- and buy a mainland hypermaket chain as it transforms into a pure Greater China consumer play. [ID:nSHA239393] (US$1=HK$7.75) (Reporting by Donny Kwok; Editing by Chris Lewis)
