Canada's Couche-Tard enters Asia with near $360 million Hong Kong acquisition

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Canadian convenience store operator Alimentation Couche-Tard Inc has entered the Asian market through a deal to buy Convenience Retail Asia Ltd's Hong Kong unit for HK$2.79 billion ($359.80 million), the companies said on Thursday.

The Circle K convenience stores and Saint Honore bakery chain operator plans to declare a special dividend of HK$3.85 per share to its shareholders, with the dividend to be paid before the end of 2020, Convenience Retail Asia said in a filing to the Hong Kong bourse.

The convenience store business, with net asset value of HK$622 million as of end-June 2020, comprises 340 Circle K stores in Hong Kong, and the net proceeds will be used to pay the special dividend, the Hong Kong-listed firm added. The unit, which holds the second largest market share in Hong Kong, will be acquired by Couche-Tard on a cash-free and debt-free basis, the Canadian company said in a separate statement.In September, Couche-Tard reported its quarterly results in which a coronavirus-led slump in fuel demand brought its total revenue down 31.4% to $9.71 billion. Net income attributable to the company rose 44.2% to $777.1 million in the same period.

 

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I’m somewhat of a coochtard myself

Fjsjnsbznznsvsgzghxhxhx

Is this another slur for gamer?

What a problematic name

Seriously? Couche-Tard? Lol...

What'd you call me!?

Just FYI MazoeFord

focus on the name folks, here in québec we know it's big and nobody's stopping it

I'm pretty sure the word 'Tard' is frowned upon, now.

They can’t compete with 7-11 and Family Mart

MAC'S MILK

IT MEANS 'SLEEP STOP' NOBODY PANIC

It is french

I’m sorry, what’s it called?

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