Metro, the third largest retailer in the world, has denied the rumor circulating in local media which says that it may break from with its partner Jinjiang Group and run a business independently.
Metro increased its share in the joint venture with Shanghai Jinjiang Group from 60% to 90% this May, which started the rumor that Jinjiang feels unsatisfied with the poor business outlook of Metro in China.
Ke Bohan, chairman of the board of directors of Metro, says Metro has never planned to own Metro Jinjiang and it is maintaining a good cooperation with Jinjiang Group.
Ke also says that Metro will increase expansion in China at the rate of opening 6 to 10 stores each year during the next 5 years.
Metro came to China in 1995 in cooperation with the China's Jinjiang Group and established the joint venture Metro Jinjiang Cash & Carry Company.