China Resources Group plans to pay up to US$300 million (HK$2.34 billion), for a 65% stake in City'Super, a Japanese supermarket chain, with a deal expected to be signed as soon as this week.
In addition to Japanese major shareholder Fenix Group selling its stake in the company, the Peter Woo family, a significant shareholder of Wheelock, which owns 39% of City'Super, intends to sell part of its stake in the company.
CR Capital, an investment arm of China Resources Group, will acquire about 40% of City'Super, while a joint venture between China Resources Group and the Fung Group will buy a 25% stake.
City Super Group was established in 1996 and currently owns three major brands, including local Japanese supermarkets City'Super, LOG-ON, and CookedDeli, with 20 stores in Hong Kong, six stores in Shanghai, and seven stores in Taiwan.
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