MINISO Acquires Remaining 80% Stake In YGF Investment JV For ~$108M

Chinese low-cost retailer MINISO Group Holding Ltd MNSO has agreed to acquire the remaining 80% equity stake in YGF Investment V Limited. The total consideration of this transaction is estimated to be RMB700.4 million ($108.4 million).
YGF Investment is a joint venture between MINISO and YGF MC Limited formed to establish MINISO's new headquarters building.
After the acquisition, MINISO will hold 100% equity interests in YGF Investment and start to consolidate the financial results of YGF Investment into its financial statements.
The deal is expected to close in Q2 2022.
The total investment for the headquarters building project is estimated to be approximately RMB2.885 billion and will be completed in 2025.
The company held $1.06 billion in cash and equivalents as of June 30, 2021.
Price Action: MNSO shares closed lower by 3.38% at $13.42 on Friday.