Tuesday, 15 October 2019 | 06:49 WIB

Suning Set to Buy 80 Percent Shares in Carrefour‘s Business in China

Suning Set to Buy 80 Percent Shares in Carrefour's Business in China (winshang)

BEIJING, NETRALNEWS.COM -- China-based retail company Suning.com has bought 80 percent of the shares of the Carrefour business which operates in the world's second largest economy.

Thus, the Carrefour Group, which holds 20 percent of its shares in China, can only seat two of the seven people in its board of commissioners in China.

A cash payment transaction worth 1.4 billion euros is expected to be completed by the end of 2019, according to a management statement reported in Beijing.

Carrefour, headquartered in France, operates 210 hypermarkets and 24 self-service units in mainland China. In China, Carrefour is known as Jialefu.

Meanwhile, Suning.com has a store network of 8,881 units spread across 700 cities in China, as well as operating its online shopping platform, as reported by Antara.