Beijing (PingWest)- Grupo Sanborns, a Mexican restaurant and retail store Chain owned by the country’s richest man Carolos Slim, has announced to acquire 18.27% stake in Chinese budget household and consumer good retailer MINISO, according to Mexican media reports

Two parties have already reached agreement in regards to the stake acquisition in MINISO, according to the reports.

Prior to the announcement, Grupo Sanborn has already owned a 12.99% stake in MINISO. After the transaction, Grupo Sanborn will own 33.27% stake in MINISO.

The Chinese budget household and consumer goods retailer is planning an initial public offering that could raised about USD 1 billion, MINISO is inviting banks to pitch for roles on the proposed offering, sources closed to the matter told Bloomberg.