Jardine's DFI Sells 50% Stake in Maxim, Buys Starbucks Franchise Business in Asia

DFI Retail Group announced that Maxim's Food will buy back the 50% stake held by DFI, making the Ng family's Hong Kong Food the sole shareholder of Maxim's; DFI will in turn acquire all interests in Coffee Concepts, the Starbucks franchise business held by Maxim's across 7 Asian markets (including Hong Kong), for a cash consideration of approximately US$340 million, equivalent to about HK$2.65 billion. DFI said day-to-day operations of both businesses would remain unchanged after the transaction.