Hong Kong’s CitySuper evaluating sale options
Hong Kong-based firm The Fenix Group may sell its majority shareholding in high-end supermarket operator Hong Kong’s CitySuper Group.
According to Bloomberg, if potential buyers show interest in the stake, it may be worth between US$300 and $400 million.
Any potential purchaser at this time will inherit a business in the midst of Hong Kong’s first depression in a decade, and with significant financial stimulus policies expected of the current administration. That said, the supermarket sector has been relatively unscathed by the decline in retail sales since protests began back in June.
Fenix provided the original funding for the group and may yet decide to retain ownership of the business.
Hong Kong’s CitySuper Group operates in Hong Kong, Shanghai and Taiwan across three brands, the most well-known its own name.