Hutchison Whampoa plans to sell ParknShop
Hutchison Whampoa Limited announced that they are in the midst of conducting a strategic review on the possible sale of its Hong Kong supermarket chain ParknShop. Hutchison Whampoa Limited is owned by Asia's richest man, Li Ka-shing. Hutchison holds interests in ports and telecommunications. The company hired Goldman Sachs and of America Merrill Lynch to handle the sale that is estimated to be between US$1 billion to US$2 billion.
Hutchison Whampoa Limited announced their decision to sell the supermarket chain last month. The company said that the details for sale would be sent out to potential bidders as soon as the company is done with their strategic review.
ParknShop owns and operates 345 stores with estimated annual revenues of H0K$21.7 billion or US$2.8 billion for 2012. The supermarket chain also has operations in China and Macau. ParknShop is fully owned by A S Watson & Co Limited, a subsidiary of Hutchison Whampoa Limited.