Singapore supermarket chain Sheng Siong and food manufacturer-distributor Kunming LuChen Group have announced plans to enter US$10m joint venture to open supermarkets in China, according to Reuters.
Operating under the Sheng Siong brand, the supermarkets will be sixty per cent owned by the company, 30 per cent owned by Kunming and the remaining 10 per cent stake held by the executive director of Sheng Siong, Tan Ling San.
The plans were announced through a non-binding letter of intent published on 21 August.
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