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Article: Hong Kong : TPG teams up in $213 mln China retail investment.
- Article from:
- TendersInfo
- Article date:
- August 13, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Mamta03
Wumart Stores Inc (8277.HK) said on Wednesday it will sell an 11 percent stake to U.S. private equity firm TPG TPG.UL and a Chinese investor for HK$1.65 billion ($213 million), the latest sign of foreign interest in China's fast-growing retail sector.
Wumart said it would sell the stake by issuing Hong Kong-listed H-shares and domestic shares to TPG and Hony Capital, an investment arm of the parent of top China PC maker, Lenovo (0992.HK).
Under the plan, Wumart will issue 84.55 million H-shares to TPG Asia and another 15.45 million to Hony affiliate Fit Sports Ltd at HK$11 per share, a 9.84 percent discount to the price of ...