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Article: WU MART TO BUY XINHUA DEPARTMENT STORE FOR BIZ EXPANSION
- Article from:
- AsiaInfo Services
- Article date:
- June 16, 2006
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AsiaInfo Services
06-16-2006
Wu Mart to Buy Xinhua Department Store for Biz Expansion
BEIJING, Jun 16, 2006 (SinoCast via COMTEX) -- Beijing-based chain retailer Wu Mart sets to acquire Yinchuan Xinhua Department Store Co. to expand business into China's western market, striving to be a leading company in the region.
Wu Mart general manager Zhang Bin introduced major reasons for the acquisition, as well as its future development strategy, at a conference. Earlier, Shanghai-listed Xinhua Department Store posted Wu Mart, its major shareholder, intended to pay CNY 600 million risk premium in cash for all tradable shareholders as a guarantee.
Zhang Bin ...