TAIWAN: Uni-President to sell shares in Carrefour JV
Taiwan’s largest food company, Uni-President Enterprises, has announced that its board of directors has decided to sell some of its shares in three joint ventures with French retail giant Carrefour to President Chain Store group.
A company official told the Business Daily Update that the share disposals were in line with a group strategy for Uni-President to focus on food manufacturing while President Chain Store focuses on retailing.
Both Uni-President Enterprises and President Chain Store are members of the Uni-President group. President Chain Store operates the group’s 7-Eleven stores in Taiwan.
The joint ventures referred to in the proposed share disposals operate Carrefour outlets in Taiwan, Tianjin and Chongqing. Uni-President currently owns a 30.5% stake in the Taiwan venture and a 45% stake in each of the Tianjin and Chingqing ventures.
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