News Column

Xinjiekou Department Store Plans to Add HKD1.9bn in HK Unit

July 18, 2014

SHANGHAI, July 18, SinoCast -- Nanjing Xinjiekou Department Store announces that the company plans to raise registered capital of Xinjiekou Department Store Hong Kong, a wholly-owned subsidiary, to HKD 2.05 billion with own capital and bank loans.

Registered capital of the subsidiary will add by HKD 1.9 billion over that before the capital increase; the company will hold 100% of the Hong Kong unit after the capital increase.

The Hong Kong business is the company's overseas investment platform and a significant step to enhance international operation.

General meeting of shareholders 2014 approved takeover about 89% of the UK HIGHLAND GROUP HOLDINGS LIMITED with GBP 155.33 million. The board of directors believes the capital increase is very necessary in view of huge amounts of capital the deal demands and smooth takeover and follow-up overseas business by the Hong Kong subsidiary.

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Source: Sinocast Consumer Products Beat (China)

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