Tuesday 2011-09-13  11:11 Publisher: CapitalVue
September 13 – Yonghui Superstores (601933) plans to acquire a 100 percent stake in Fujian Yonghun Commercial Limited for 188 million yuan, reports China Securities Journal, citing a company filing.

The move is aimed at reducing related party transactions.

Yonghui Superstores has long-term leases with the Fujian Younghun for three properties owned by the latter.

Fujian Yonghun has registered capital of 35.1 million yuan, and incurred a loss of 1.14 million yuan on revenues of 2.81 million yuan in 2011.

Net assets were appraised at 213 million yuan, with an increase in value assessed at 174 million yuan due to increases in real estate value.

Source:capitalvue