Sumitomo to increase its stake in Simple Mart - News Summed Up

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Sumitomo to increase its stake in Simple Mart

Sumitomo is to buy 5,000 new Simple Mart shares at NT$100 each in a separate recapitalization deal to increase its stake in the Taiwanese retailer, Mercuries & Associates said. Simple Mart, founded in 2006, operates supermarket chain Simple Mart (美廉社), whose mainstay products include beverages, processed foods and daily necessities. Mercuries & Associates holds 38.297 million shares, or 71.49 percent, in Simple Mart Retail. “Sumitomo Corp will acquire a stake in Simple Mart Retail Co Ltd from Mercuries & Associates and convert it into an equity-method affiliate,” it said on its Web site. Sumitomo said it and Mercuries & Associates have since 2012 jointly run the Tomod’s drugstore chain in Taiwan, which had 38 stores as of April 30.

Source: Taipei Times May 16, 2018 15:56 UTC