Tuesday, 27 Jul 2021 12:35 PM MYT
The US coffee chain operates more than 1,500 stores across 78 cities in South Korea. ― Reuters pic
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SEOUL, July 27 Starbucks Corp said on Monday it will exit any direct ownership in South Korea, its fifth-largest market, selling the 50 per cent stake it owns in a joint venture to local partner E-Mart Inc and Singapore’s sovereign wealth fund, GIC.
E-Mart, which currently owns 50 per cent of Starbucks Coffee Korea, said it would acquire an additional 17.5 per cent stake that would be worth 474 billion won (RM1.7 billion).
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GIC to acquire 32.5% stake in Starbucks Coffee in South Korea
Starbucks said the divestment deal in its fifth-largest market is expected to be completed over the next 90 days.ST PHOTO: KELVIN CHNG
PublishedJul 27, 2021, 11:43 am SGT
https://str.sg/33tq
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