Japanese convenience store operator FamilyMart is exiting the South Korean market.

It will sell its 25 per cent shareholding in the CU convenience store chain through an initial public offering.

FamilyMart’s stake is valued at 283 billion won ($268 million).

CU operates nearly 8000 stores across South Korea.

FamilyMart entered South Korea in 1990 through a licensing agreement with Bokwang Group, now known as BGF Retail.

The Japanese retailer did not reveal why it is exiting the market.