Gome finances acquisition of rival Dazhong
BEIJING, Dec. 16 -- Gome Electrical Appliance Holdings Ltd, China's largest electronics retailer, will finance the 3.6 billion yuan (488 million U.S. dollars) acquisition of Beijing Dazhong Electronics Ltd, with an option to buy the rival later itself.
Beijing Zhan Sheng Investment Co will purchase Dazhong, Gome said in a Hong Kong stock exchange filing Friday. Gome will manage Dazhong, and can buy the Beijing-based electronics retailer later for a minimum of 3.65 billion yuan, it said.
"It's a transition for us to understand Dazhong," Gome Chairman Huang Guangyu said. "We need time to get the regulatory approvals, and there are uncertainties involved, so we adopted this transition."
Gome's delayed purchase of Dazhong comes after Suning Appliance Co, China's second biggest home appliance retailer, scrapped its bid for the Beijing-based retailer on December 13. Gome sold about 811 million dollars of bonds and shares in May to purchase stores and refurbish outlets.
Zhan Sheng's owners Liu Chunlin and Han Yuejun aren't connected to Gome or Dazhong, Huang said. Gome's loan to Zhan Sheng will be secured by Dazhong's shares, according to the statement.
Gome rose 1.7 percent to 17.70 Hong Kong dollars in Hong Kong trading Friday, before the statement. The stock has almost tripled this year, compared with the 38 percent increase in the city's benchmark Hang Seng Index.
(Source: chinadaily.com.cn/Agencies)
猜你喜欢
-
- 03-082011年考研复试英语指导:口语经典范文之我的家庭
- 04-08angel的解释含义及用法例句
- 03-082015年考研:如何提高英语作文闪光点
- 03-082016年考研英语:语法大全(词法和句法)
- 03-082012考研英语辅导图画作文解题初探
- 04-08Taliban express readiness to swap Korean female hostages
- 04-081997年英语专八考试阅读真题:text H
- 04-082003年12月大学英语四级考试阅读真题及答案解析D
- 04-08大学英语四级阅读精选模拟题100篇及答案详解(3)
- 04-08大学英语六级考试阅读理解模拟练习题81(附答案)