February 2 (SeeNews) - Turkish supermarket chain Migros [IST:MGROS] said it has started negotiations to sell its wholly owned subsidiary Ramstore Bulgaria EAD, which owns a 99% stake in Ramstore Macedonia, to Skopje-based construction company City Plaza.
"In line with our growth targets as well as our strategic focus in markets where we operate, Ramstore Macedonia operations have been re-evaluated," Migros said in a bourse filing on Monday.
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Ramstore Macedonia contributed 1.2% to Migros' consolidated sales in the first nine months of 2020, the Turkish company said, adding that the parties have signed a preliminary sales agreement and negotiations on the signing of a share purchase agreement are ongoing.
Ramstore Macedonia operates a shopping mall and 28 supermarkets in North Macedonia, employing about 750 staff.