Maoye Int'l buys 93.7% stake in Taizhou First Department Store

Published: 27 Sep 2009 17:23:02 PST

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Sep. 28, 2009 (China Knowledge) - Maoye International Holdings<0848>, a Shenzhen-based department store operator, won the bid for a 93.7% stake in Taizhou First Department Store, sources reported.

The acquisition is made through Maoye International's wholly-owned subsidiary Maoye Shangsha Co Ltd and the total consideration is RMB 276.87 million.

Taizhou First Department Store, with a floor area of around 40,358 square meters, is located at Pozi Street commercial zone, the traditional commercial zone in Taizhou, Jiangsu Province.

The move is in line with its long-term strategic development plan, said Maoye in a statement, adding that it will continue to expand its presence in East China.

Shares of Maoye rose 2.5% to close at HK$2.05 on Friday.