Fujian New Hua Du to buy 4 local retail stores

Sep. 30, 2009 (China Knowledge) - Fujian New Hua Du Super Center Co Ltd<002264>, a supermarket developer based in Fujian Province, on Sep. 23 announced that a 70%-owned subsidiary will spend RMB 43.01 million on acquiring four retail stores in Putian of the province, according to a statement filed with the Shenzhen Stock Exchange.

The supermarket enterprise started making acquisitions in June this year.

On Jun. 26, the Shenzhen-listed firm purchased a 70% stake in a shopping mall in Putian for RMB 50.65 million. The mall's total assets were RMB 74.32 million and its net assets were RMB 32.77 million as of Jun. 24.

On Jul. 2, Fujian New Hua Du Super Center acquired two retail stores for RMB 6.65 million each in Fujian Province. One store is in Huian County, Quanzhou and the other store is in Xiangcheng District, Zhangzhou, sources reported.

The company posted a RMB 40.4-million net profit for the first half of this year, a year-on-year decline of 7.37%, which is far from the targeted increase of 28% for the whole year, sources reported.