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Singapore-listed retailer Dairy Farm International Holdings Ltd. has acquired 87 convenience stores in Hong Kong from SCMP Retailing (HK) Ltd., a unit of publisher SCMP Group Ltd.
Dairy Farm will fund the HK$105 million acquisition with its existing cash resources, it said. The transaction is scheduled to be completed by the end of October, subject to approval by SCMP Group shareholders.
"This acquisition fits in our group strategy of growing our business through bolt-on acquisition and organic growth. It also reinforces our strong presence in the Hong Kong retail sector," Dairy Farm regional director for North Asia Ed Chan said in a statement.
In a legal notice, SCMP said it expects a disposal gain of around HK$76 million from the sale. The proceeds will become general working capital for the company, it said.
In other news, Mac's Convenience Stores, a subsidiary of Alimentation Couche-Tard, is holding its second annual Kids Help Phone QuarterBack promotion, which is taking place Sept. 16-19.
Mac's employees will be asking consumers to add 25 cents to their purchase in all Mac's stores throughout Western Canada, including Winnipeg, Saskatoon, Regina, Moose Jaw, Prince Albert, Calgary, Edmonton, Lethbridge, Medicine Hat, Red Deer, Fort McMurray, Vancouver Mainland, Kelowna and Victoria.
All funds raised will go to support Kids Help Phone, Canada's only national, bilingual, toll-free, 24-hour, anonymous and confidential phone and Web counseling, referral and information services for children and youth.