China Resources Enterprise to sell non-retail assets to parent for $3.6 bln

April 21, 2015 1:28 AM

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HONG KONG, April 21 (Reuters) - Retail-focused conglomerate China Resources Enterprise (CRE) said on Tuesday it will sell all its non-retail assets, including financial investments, to controlling shareholder China Resources (Holdings) Co for HK$28 billion ($3.6 billion).

The deal, part of an internal strategy and ownership shakeup, would be settled through HK$13.58 billion in cash with the balance to be paid by way of promissory notes, CRE said in a statement. The company's core operations range from beverages, including beer, to supermarket chains.

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