BGF Retail's Mongolian Partner 'Central Express' Listed Locally

The partner company 'Central Express,' which operates CU stores locally in Mongolia, will be listed on the Mongolian Stock Exchange on the 15th.

[Asia Economy Reporter Lim Chun-han] BGF Retail announced on the 14th that its partner operating CU stores locally in Mongolia, Central Express, will be listed on the Mongolian Stock Exchange on the 15th.

BGF Retail entered Mongolia in 2018 by signing a master franchise agreement with Central Express. Central Express operates over 140 CU stores in Mongolia and has established itself as the number one convenience store operator in the local market.

On the 29th of last month, Central Express conducted a public offering aiming to raise 25 billion Tugrik (approximately 10.3 billion KRW), the largest IPO in Mongolian history, and achieved 40.1 billion Tugrik, exceeding the target by 1.6 times within five days.

Despite difficulties caused by COVID-19, Central Express opened 65 new stores this year and plans to expand to 300 stores by 2022. BGF Retail plans to continue systematic support to strengthen its partner’s competitiveness and enhance corporate value.

BGF Retail CEO Lee Geon-jun said, “The successful IPO of Central Express is an example that recognizes CU’s excellent business capabilities, brand power, and high growth potential not only domestically but also in the global market,” adding, “We will continue to provide wholehearted support based on a solid partnership so that overseas consumers and investors will love CU.”

This content was produced with the assistance of AI translation services.