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CP Lotus sale scrapped

CP Group has scrapped plans to sell its 36 CP Lotus supermarket stores in China to Wumart. In October, the Thai company reached a deal with Wumart to sell its stores in Beijing, Shanghai and most provinces in China, excluding South China’s Guangdong Province and Central China’s Hunan Province, for HK$2.3 billion (US$302 million). The two also discussed a share swap in which Wumart would buy 10 per cent of CP Lotus for HK$548 million (US$70.7 million) and CP Lotus would buy 14 per cent …

CP Lotus sells China stores

Chinese supermarket operator Wumart has agreed to buy 36 CP Lotus stores in China. Thai company CP Lotus, a unit of Charoen Pokphand Group, is selling its stores in Beijing, Shanghai and most provinces in China, excluding South China’s Guangdong Province and Central China’s Hunan Province, for HK$2.3 billion (US$302 million). The deal is part of a share swap that involves Wumart buying 10 per cent of CP Lotus’ shareholdings for HK$548 million (US$70.7 million) and CP Lotus acquiring 14 per…

CP Lotus plans mainland expansion

Hong Kong retailer to open more stores in Beijing.