China-based and HK-listed department store operator Parkson Retail Group Ltd. reported its intention to acquire 70% of Nanning Brillian Parkson Commercial Co Ltd. and 100% of Tianjin Parkson Retail Development Co Ltd., for a total amount of 240 mln yuan. The stakes of both companies will be acquired from East Crest International Ltd, incorporated in the British Virgin Islands.
Nanning Brilliant Parkson Commercial Co Ltd. operates a Parkson-brand department store in Nanning city, Guanxi province, Tianjin Parkson Retail Development Co Ltd. operates a Parkson-brand department store in the eastern coastal municipality of Tianjin.
The last closing price of the stock acquired is 67.45 hkd per share. Parkson Retail Group Ltd. will pay 50% of the purchase price in cash, and 50% as 1.994 mln new shares.
