Staff reporterConvenience Retail Asia (0831) will sell its Circle K convenience store business to Alimentation Couche-Tard, the brand's owner, for HK$2.79 billion. The Circle K Hong Kong franchisee expects to gain around HK$2.9 billion from the deal and will issue a special dividend of HK$3.85 after completing the sale. CRA operates 340 Circle K stores. As of the end of June, the net asset of the convenience store business was around HK$622 million. Canada-based ACT operates a 15,000-strong Circle K network across Canada, the United States, Mexico, Europe, Japan, China and Indonesia.

Source: The Standard November 05, 2020 09:00 UTC