Japanese convenience store chain Ministop has said it plans to increase its stake in its South Korean affiliate Daesang Distribution & Service by 55.27% to 76.06% on 30 June.

Ministop will buy around 2.8m outstanding shares in Daesang Distribution, which runs convenience stores in South Korea under the Ministop banner, from Daesang Corp and Daesang Foods.

Ministop has therefore revised down its group net profit estimate for the current financial year to February 2004 to ¥4.2bn (US$35.8m) from ¥4.6bn, reported Jiji Press.