German retail and wholesale company Metro has raised its stake in Metro Jinjiang Cash & Carry Co., a joint venture with China’s Jinjiang International Group, to 90% from 60% to accelerate its expansion in China, according to the Dow Jones news agency.
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An official at Metro Jinjiang Cash & Carry declined to say how much Metro paid for the additional stake.
The deal will benefit both partners, as Metro is seeking to expand its business in China, while Jinjiang International Group plans to focus on its tourism and hotel business, the statement said.
Metro said late last year that it plans to increase the number of its stores in China by more than 50% by the end of this year.
The company, which operates 24 warehouse-style stores in China serving business clients such as hotels and restaurants, said it will focus on expanding into smaller Chinese cities, such as Nantong, near Shanghai, and to urban areas in central China.
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