Article: YINCHUAN XINHUA DEPARTMENT POSTS SHARE REFORM CONSIDERATION


AsiaInfo Services
05-26-2006
Yinchuan Xinhua Department Posts Share Reform Consideration

YINCHUAN, May 26, 2006 (SinoCast via COMTEX) -- Yinchuan Xinhua Department Store Co., Ltd. (Xinhua Department, SHSE: 600785), a leading high-end retailer in Ningxia Autonomous Region, announces the consideration for non-tradeable share reform on May 24.

Wumart Stores Inc. (SEHK: 8277), the largest shareholder of Xinhua Department, will get 19.39 million shares via a private offering and pay CNY 137 million in cash to the tradeable shareholders, or CNY 21.30 to every ten tradeable shares. In other words, the tradeable shareholders will get cash equal to 1.93 shares for every ten shares.

At the same time, ...

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