Watsons stake to be sold

Shanghai Tobacco (Group) Corp plans to sell a 20 percent stake in the local branches of personal care chain Watsons for 74.87 million yuan ($12.04 million), the 21st Century Business Herald reported Monday.

A subsidiary of real estate tycoon Li Ka-shing's Hutchison Whampoa Ltd owns the other 80 percent of the Shanghai Watsons, the newspaper reported.

The AS Watsons Group, owned by Hutchison Whampoa, scrapped its dual-IPO after Singapore's Temasek agreed to buy a 25 percent take in the company for $5.7 billion in late March.