Aug 26, 2022 04:51 AM

BUSINESS

China Merchants to Pay $126 Million for 49% of Best Mart 360

By Wang Xiaoqing and Denise Jia

As of March, Best Mart 360 operated 138 retail stores, mostly in Hong Kong.

As of March, Best Mart 360 operated 138 retail stores, mostly in Hong Kong.

Hong Kong snacks vendor Best Mart 360 Holdings’ shares surged 32.2% Thursday on news that its controlling shareholders plan to sell a 49% stake to a mainland Chinese state-owned conglomerate.

Best Mart 360’s controlling shareholders Lin Tsz-fung and Hui Ngai-fan signed a preliminary agreement to sell 490 million shares to China Merchants Hoi Tung Trading, a subsidiary of state-owned conglomerate China Merchants Group Ltd.

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