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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Convenience Retail Asia Limited    831   KYG239801080

CONVENIENCE RETAIL ASIA LIMITED

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Convenience Retail Asia : Canada's Couche-Tard enters Asia with near $360 million Hong Kong acquisition

11/04/2020 | 08:34pm EST
Pedestrians walk past a Couche-Tard convenience store in Montreal

HONG KONG (Reuters) - Canadian convenience store operator Alimentation Couche-Tard Inc has entered the Asian market through a deal to buy Convenience Retail Asia Ltd's Hong Kong unit for HK$2.79 billion ($359.80 million), the companies said on Thursday.

The Circle K convenience stores and Saint Honore bakery chain operator plans to declare a special dividend of HK$3.85 per share to its shareholders, with the dividend to be paid before the end of 2020, Convenience Retail Asia said in a filing to the Hong Kong bourse.

The convenience store business, with net asset value of HK$622 million as of end-June 2020, comprises 340 Circle K stores in Hong Kong, and the net proceeds will be used to pay the special dividend, the Hong Kong-listed firm added.

The unit, which holds the second largest market share in Hong Kong, will be acquired by Couche-Tard on a cash-free and debt-free basis, the Canadian company said in a separate statement.

The deal will be financed through available cash on hand and is expected to close by Dec. 31.

In September, Couche-Tard reported its quarterly results in which a coronavirus-led slump in fuel demand brought its total revenue down 31.4% to $9.71 billion. Net income attributable to the company rose 44.2% to $777.1 million in the same period.

($1 = 7.7545 Hong Kong dollars)

(Reporting by Donny Kwok in Hong Kong and Kanishka Singh in Bengaluru; Editing by Kim Coghill)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALIMENTATION COUCHE-TARD INC. -0.13% 37.65 Delayed Quote.-13.21%
CONVENIENCE RETAIL ASIA LIMITED 0.00% 0.7 End-of-day quote.18.64%
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Financials
Sales 2019 5 632 M 727 M 727 M
Net income 2019 208 M 26,8 M 26,8 M
Net Debt 2019 70,4 M 9,08 M 9,08 M
P/E ratio 2019 12,9x
Yield 2019 7,14%
Capitalization 543 M 70,1 M 70,1 M
EV / Sales 2018 0,40x
EV / Sales 2019 0,49x
Nbr of Employees 5 233
Free-Float 54,5%
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Managers and Directors
NameTitle
Lap Bun Yeung Chief Executive Officer & Executive Director
Kwok King Fung Group Chairman
Chi Ho Hui Chief Financial Officer
Kwok Lun Fung Non-Executive Director
Godfrey Ernest Scotchbrook Non-Executive Director
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