DFI Retail Group has disposed of 1,913,135,376 shares indirectly held through its subsidiary in Yonghui Superstores to Guangdong Juncai International Trading, a subsidiary of MINISO Group Holding Limited.
The disposal of the shares, which are listed on the Shanghai Stock Exchange, will net the group RMB4.9 billion ($823.3 million), or RMB2.35 per share, upon completion.
The completion of the disposal is subject to clearance from relevant antitrust authorities on the Chinese mainland and the Shanghai Stock Exchange, clearance from the relevant foreign exchange authorities on the Chinese mainland for the group’s account opening for receipt of transfer price.
Additionally, the disposal requires confirmation from the Hong Kong Stock Exchange on no further comments on MINISO Group’s circular.
Following the completion of the disposal, DFI Retail will cease to hold any interest in Yonghui directly or indirectly through its subsidiaries.
DFI Retail reported earnings of US$76 million ($101.7 million) for 1HFY2024 ended June, up 127% y-o-y.
See also: Japan Foods' chief chef to resign
Shares in DFI Retail closed 6 US cents lower, or down 3.13%, at US$1.86 on Sept 23.
