Nanning Futian Investment Co., Ltd. completed the acquisition of 14.65% stake in Nanning Department Store Co., Ltd. from Qian Hai Life Insurance Co., Ltd.
May 06, 2019
Share
Nanning Futian Investment Co., Ltd. signed a share transfer agreement to acquire 14.65% stake in Nanning Department Store Co., Ltd. (SHSE:600712) from Qian Hai Life Insurance Co., Ltd. for approximately CNY 710 million on April 25, 2019. Under the terms of transaction, Nanning Futian Investment Co., Ltd. will acquire 79.8 million shares for CNY 8.88 per share. Upon completion of the transaction, Nanning Futian Investment Co., Ltd. will hold 14.65% stake in Nanning Department Store Co., Ltd.
Nanning Futian Investment Co., Ltd. completed the acquisition of 14.65% stake in Nanning Department Store Co., Ltd. (SHSE:600712) from Qian Hai Life Insurance Co., Ltd. on May 7, 2019. Post completion, Qian Hai Life Insurance Co., Ltd. held no stake in Nanning Department Store Co., Ltd.
Nanning Department Store Co., Ltd. is a China-based company principally engaged in the commodity retailing business. The Company is mainly engaged in the operation of department stores and supermarkets, as well as the retailing of general merchandise, household electrical appliances, men's and women's apparels, shoes and hats, food and cosmetics. The Company operates its businesses primarily in Guangxi, China.
Nanning Futian Investment Co., Ltd. completed the acquisition of 14.65% stake in Nanning Department Store Co., Ltd. from Qian Hai Life Insurance Co., Ltd.
NANNING DEPARTMENT STORE CO., LTD. 
