Uni-President to Sell Stakes in Carrefours 3 Outlets in China
Taipei, July 18, 2011 (CENS)--Uni-President Enterprise Corp., Taiwans food giant, recently announced to sell all its stakes in the three Carrefour outlets in China, located in Tianjin, Guangzhou of Guangdong Province, and Chongqing of Sichuan Province for an estimated 110 million renminbi (RMB) or about NT$490 million (US$16.33 million).
C.H. Lo, president of the company, indicated that Uni-President owns 45% in Carrefours operation in Tianjin, 10% in Chongqing and 20% in Guangzhou, all of which to be sold by the end of this year.
But Uni-President will keep its stake in Carrefour Taiwan for being a long strategic partner, which holds 40% of Carrefour Taiwan with its sister President Chain Store Corp.
Over the last two years Uni-Presidents investments in China have focused on the beverage sector with investment exceeding NT$10 billion (US$333.33 million) in 2010, with Lo disclosing the investment this year in China might exceed that of last year.
Uni-Presidents milk tea products lead in market share in China, with instant tea drinks and juices ranking No. 2 No. 3, respectively; while its instant noodles have regained strength to become a top-3 brand there.
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