Japan’s FamilyMart plans to sell its stake in Korea

Japan’s FamilyMart plans to exit Korea by offering up to 283 billion won ($268 million) of shares in an initial public offering of the country’s biggest convenience store chain in May, a BGF Retail spokesman said yesterday.

BGF Retail said in a statement Wednesday that it would offer FamilyMart’s 25 percent stake at between 41,000 won and 46,000 won per share, valuing the company at about 1.1 trillion won.

FamilyMart entered Korea in 1990 through a franchise licensing agreement with Bokwang Group. The business was renamed BGF Retail in 2012.

BGF CEO Hong Seok-joh and 34 other related shareholders such as family members hold a total of 65.9 percent of BGF.

BGF Retail’s convenience store chain, called CU, had 7,939 stores at the end of 2013 and reported 3.13 trillion won in revenue and 105 billion won in operating profits last year.

Reuters