Store chain deal sealed

SHANGHAI: Bright Dairy & Food Co Ltd, China's fourth-largest seller of milk products and a listed arm of Bright Food (Group) Co, has completed transfer of all of its 81 percent stakes in Shanghai Kedi Convenience Store.

Meanwhile, NongGongShang (NGS) Supermarket Group Co, also a member of Bright Food and owner of the competing Alldays convenience store chain, is now the nation's largest convenience store owner after paying 226.8 million yuan ($30.65 million) for Kedi.

Bright Diary closed at 10.38 yuan, up 0.19 percent, at the Shanghai Securities Exchange yesterday, when the benchmark Shanghai Composite Index slumped nearly 2 percent to 4861.11 points.