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Yonghui Superstores to buy 10% of Chinese seafood producer

Yonghui Superstores Co. Ltd. said March 24 that it agreed to acquire a 10% stake in Zhanjiang Guolian Aquatic Products Co. Ltd. for 537.7 million Chinese yuan.

The Chinese supermarket chain is buying 78,384,562 shares of the Guangdong province-based seafood company from its two largest shareholders at 6.86 yuan per share.

Following the transaction, Zhanjiang Guolian's controlling shareholder Guotong Investment will hold 27.16% of the company, compared to the previous 32.49%. The company's second-biggest shareholder, Crown Team International Investment, will see its stake decrease to 9.92% from 14.58%.

Zhanjiang Guolian recorded a net profit of 153.6 million yuan in 2017, up from 93.9 million yuan in 2016. It primarily engages in the breeding, processing and trade of seafood products.

The company said separately that it is at a key phase in its strategy to expand in the domestic market, where demand for high-quality imported seafood has surged. It has continued to consolidate its overseas supply chain to provide products such as mussels from New Zealand, tiger prawns from Australia and lobsters from Canada.

As of March 23, US$1 was equivalent to 6.31 Chinese yuan.