Dairy Farm International (D01.SGX) agreed on Monday to buy a 19.9% stake in Yonghui Superstores (601933.SHA) for US$925 million, marking its entry into China’s growing supermarket business, Finance Asia reported, citing a company statement. “As a leading Asian retailer, Dairy Farm has for some time been looking for opportunities to participate in the large and high growth Chinese market,” said Dairy Farm Group chief executive, Graham Allan. Dairy Farm is subscribing for the shares at US$1.14 each, a 3% discount to the average 20-day volume weighted share price up to August 6, 2014.
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