Kingfisher plc has agreed to sell its half of B&Q Taiwan to its joint venture partner Test Rite International Ltd.
Test Rite is to pay US$106.5m for the 50% holding, with the deal set to be completed by the end of the year.
B&Q Taiwan was established to allow Taiwanese home owners to undertake more DIY and now operates 21 stores across the island selling a range of products and subsidiaries, including timber and other wood-related products.
Kingfisher said that B&Q Taiwan had provided “good investment returns for shareholders” but “now only offers limited opportunities for future market share growth”.
“This sale is consistent with our focus on capital allocation and investment returns,” said Peter Jackson, Kingfisher chairman.
