CK Hutchison Holdings is reported to be considering a stock market listing for its AS Watson business, which operates the Superdrug, Savers, The Perfume Shop, and Rossmann chains.
According to Bloomberg, the Hong Kong-based conglomerate has been speaking with financial advisers about a potential listing, which could raise $2bn or more. A further report by the Wall Street Journal said that Hutchison was planning a dual listing of AS Watson in Hong Kong and the UK, targeting the first half of next year.
AS Watson operates over 17,000 stores in 31 markets, including the Superdrug chain in the UK and Rossmann pharmacies in Germany. It also runs the Watsons chain of health and beauty shops across Asia, as well as grocery, wine and electronics stores in Hong Kong.
AS Watson’s total revenue increased by 4% (+5% local currency) to HK$190.19bn (£18.91bn) over the year to 31 December 2024, with its EBITDA edging up 1% (+2% local currency) to HK$16.40bn (£1.63bn).
Reports noted that considerations are preliminary and no final decisions have been made, including on the size of the potential offering.
Hutchison and AS Watson have not commented.
NamNews Implications:
- A public listing means more details and accountability at local level…
- …of interest to suppliers and rival retailers in the UK.
- The initiative raises the question of what use the company might make of the $2bn?
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