On 5th November, Convenience Retail Asia Limited disposes Convenience Stores for a cash consideration of HK$2,790 million. Such valuation translates to approximately HK$3.63 per share, based on the 768,154,974 Shares in issue.
I did my personal analysis of Convenience Retail Asia Limited (HKEX:831) in July this year. If you do not know what business Convenience Retail Asia is in, here is a quick summary.
Convenience Retail Asia Limited is a listed retailing member of the Fung Group. The company operates around a total of 600 Circle K convenience stores and Saint Honore bakeries in Hong Kong, Macau and the Pearl River Delta. The company also operates 9 Zoff eyewear shops in Hong Kong.
With the disposal of its 600 Circle K convenience stores which is bulk of its businesses, the company is left with Saint Honore bakeries and Zoff eyewear shops.
The purchaser is...