China Resources unit to sell stakes in Wal-Mart China stores
Reuters
Published Oct 09, 2015 03:38AM ET
Updated Oct 09, 2015 03:49AM ET
China Resources unit to sell stakes in Wal-Mart China stores
SHANGHAI (Reuters) - A unit of conglomerate China Resources Corp plans to sell minority stakes it holds in 21 outlets of Wal-Mart Stores Inc (N:WMT) around China, a spokesman for the U.S. retailer told Reuters on Friday.
State-backed China Resources SZITIC Trust Co Ltd has listed for sale its stakes in the stores for a combined 3.3 billion yuan ($525 million), according to official postings from the Chinese firm on the Shanghai United Assets and Equity Exchange.
"Walmart believes that the transfer of minority interest will not influence Walmart's operation and development in China," China-based spokesman David Fu said in emailed comments.
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