HK's Convenience Retail plans sale of Circle K to Alimentation Couche-Trad for $360 mln

HONG KONG, Nov 5 (Reuters) - Convenience Retail Asia Ltd said on Thursday it had agreed to sell its convenience store business in Hong Kong to Canadian convenience store and road transportation fuel retailer Alimentation Couche-Tard Inc for HK$2.79 billion ($359.8 million).

The Circle K convenience stores and Saint Honore bakery chain operator plans to declare a special dividend of HK$3.85 per share to its shareholders, with the dividend to be paid before the end of 2020, the firm said in a filing to the Hong Kong bourse.

The convenience store business, with net asset value of HK$622 million as of end-June 2020, comprises of 340 Circle K stores in Hong Kong, and the net proceeds will be used to pay the special dividend, the Hong Kong-listed firm added.

$1 = 7.7545 Hong Kong dollars Reporting by Donny Kwok; Editing by Kim Coghill