Yonghui Superstores To Fully Acquire BeijingE-mart

Date:2011-11-04     Source:litingtinglitingting  Text Size:

November 3 -- Yonghui Superstores (601933.SH) said wholly-owned subsidiary, Beijing Yonghui Superstores, plans to fully acquire Beijing E-mart Commerce for four million yuan, reports Securities Times, citing a company filing.

Beijing E-mart had net assets of 24.94 million yuan through the end of September. It lost 18.96 million yuan in the first three quarters.

Fujian New Hua Du Supercenter (002264.SZ) had on November 1 acquired Ningbo E-mart Commercial, Changzhou Shinsegae E-mart Commercial Development, Taizhou Shinseagae Commercial Development, and Hangzhou E-mart Commercial Development for 125 million yuan from E-mart.

The target companies own six shopping malls in Ningbo, Changzhou, Hangzhou, and Taizhou.

E-mart is the largest operator of supermarkets in South Korea. It is owned by the Shinsegae Group. E-mart entered China’s market in 1997 and had been suffering losses ever since.

Expect for its Hangzhou subsidiary which earned a profit of 460,000 yuan, all the other subsidiaries recorded losses in the first three quarters.

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