Best Mart 360 introduces China Merchants Hoi Tung as major shareholder, with the acquisition of 49% of the company's shares at HK$1.76 per share
- Written by: Telegraph Magazine
HONG KONG SAR - Media OutReach - 27 March 2023 - Best Mart 360 Holdings Limited ("Best Mart 360" or the "Company", together with its subsidiaries, the "Group"; stock code: 2360.HK), a leisure food retailer in Hong Kong, announced that Mr.
Lin Tsz Fung and Ms. Hui Ngai Fan entered into the Sale and Purchase Agreement ("S&P Agreement") with China Merchants Hoi Tung Trading Company Limited (the "CMHT"), in relation to the sale and purchase of the Company's Shares ("the Shares"). Pursuant to the S&P Agreement, China Merchants Hoi Tung Trading will purchase 490,000,000 Shares in aggregate, representing 49% of the total issued Shares. The total consideration for the sale shares is HK862,400,000, equivalent to HK1.76 per sale share.
Upon completion, Mr. Lin and Ms. Hui, through entities wholly owned by them, will each continue to hold their retained shares respectively, representing in aggregate 26% of the total issued shares.
CMHT is a wholly-owned subsidiary of China Merchants Group Limited and is a comprehensive trading company covering food, transportation, and commodity, with subsidiaries in 10 cities in China and 7 branches overseas.
Mr. Lin Tsz Fung, Chairman of the Group said, "We are honored to have CMHT as our major shareholder. With their extensive experience and expertise in the food and commodity sectors, along with their strong presence in China and internationally, will be invaluable in supporting our ongoing growth and development. We believe that this partnership will enable us to expand our global procurement efforts and further strengthen the brand of 'Best Mart 360˚' and 'FoodVille'. "
Mr. Zhou Song, CFO of China Merchants Group, extended congratulations and said, "Upon the completion of the project, we wish that both shareholders will fully leverage their strengths and work together to establish a stronger foothold in Hong Kong, while also focusing on the global market strategies to achieve mutual connectivity and access of resources and channels."
Hashtag: #BestMart360
The issuer is solely responsible for the content of this announcement.
About Best Mart 360 Holdings Limited
Best Mart 360 Holdings Limited operates chain retail stores under the brand "Best Mart 360˚", offering wide selection of imported and pre-packaged leisure foods and other grocery products principally from overseas. It is the Group's business objective to offer "Best Quality" and "Best Price" products to customers through continuous efforts on global procurement with a mission to provide comfortable shopping environment and pleasurable shopping experience to customers. As at 30 September 2022, the Group operated a total of 144 chain retail stores, spanning strategic locations with heavy pedestrian flow in Hong Kong, Macau and Shenzhen. Among the chain retail stores, the global gourmet brand "FoodVille" launched in September 2021 is also included, targeting the medium-to-high-end-market.
