C.P. Seven Eleven Plc, the local operator of 7-Eleven convenience stores, announced yesterday that it would sell its Lotus supercentre business in Shanghai to Chia Tai Enterprises International Ltd (CTEI) for 3.91 billion baht. The transaction essentially keeps the Chinese retail business in the hands of the Charoen Pokphand Group, Thailand’s largest agribusiness conglomerate.
C.P. Seven Eleven (CP7-11) and subsidiary Lotus Distribution Investment Ltd (LDI) hold a combined 55% stake in Shanghai Lotus Supermarket Chain Store Co (SLS), the operator in Shanghai.
The company will also transfer 22 outlets of Lotus Shanghai to C.P. Holding (BVI) Investment Co Ltd (CPH), which holds 61.7% in CTEI, also a CP affiliate.
No comments yet.