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GOME to buy assets to expand retail network
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CHINESE home appliance retailer GOME Electrical Appliances Holding Ltd said it would buy retail assets from its controlling shareholder to expand its retail network it does not cover yet.
China's second largest electronics retailer Gome said it has agreed to pay Artway Development Ltd, which is owned by controlling shareholder Huang Guangyu, for HK$11.3 billion from GOME Management Ltd by issuing 6.2 billion new shares and warrants which can be converted into 2.5 billion new shares within two years.
Huang's stake in Gome will be raised to 55.34 percent upon completion of the deal and exercise of all the warrants, up the current 32.43 percent, according to a stock exchange filing to the Hong Kong Stock Exchange over the weekend.
Under the deal, Gome will acquire altogether 578 stores in 181 Chinese cities, which it currently already operates but does not own. The purchase will bring the number of retail stores its owns to 1,714 in China's mainland.
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