South Korean beverage maker Hyungkuk F&B is about to buy a local online shopping site that sells coffee and tea. 

Hyungkuk F&B has signed a memorandum of understanding with CNT Planet to acquire its entire 20,000 shares for 11 billion won (US$9.92 million).

The beverage company is seeking a new growth engine to diversify its business portfolio and target the Chinese market, reports The Korea Herald.

Hyungkuk F&B’s shares gained 3.23 per cent to close at 19,200 won on the acquisition news.