News Column

Better Life to Acquire 100% of Nancheng Department Store

May 12, 2014

GUANGXI, May 12, SinoCast -- Better Life Commercial Chain Share (SZSE: 002251) will spend CNY 1.576 billion acquiring 100% of Guangxi Nancheng Department Store with its subsidiary Xiangtan Better Life.

The listed company will pay through issuing shares and the subsidiary will pay cash to the target company's shareholders. the listed company will issue the shares at CNY 13.98 a share. This will lifted the listed company's capital stock to 704 shares and BetterLife Group will still be the controlling shareholder with a 39.06% stake.

The move will help the listed company to get entry into Yunnan Province, the number of stores and the business area will grow greatly and the profit-making and sustainable development abilities will grow.

Annual sales revenue and net profit of the target company hit CNY 3.09 billion and CNY 105 million in 2013.

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Source: Sinocast Consumer Products Beat (China)