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2008-1-14 10:20:00 a.m. HKT, XFNA
HK-listed Intime Dept Store to acquire Shenyang property co for 263 mln yuan
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HONG KONG (XFN-ASIA) - Intime Department Store (Group) Co Ltd (IDSGC)
said its unit, Intime Department Store Co Ltd, has agreed to acquire Shenyang
North Intime Property Co Ltd from IDSGC chairman Shen Guojun, for 263 mln
yuan.
The transaction is still subject to approval from independent
shareholders.
Shenyang North Intime Property owns a commercial building in the Huanggu
district of Shenyang, in the northeastern province of Liaoning.
The 47,160 square-metre property is currently valued at approximately 321
mln yuan.
IDSGC is principally engaged in the operation and management of
department stores and is the largest department store chain operator in the
eastern province of Zhejiang province.
At 10.03 am, shares of IDSGC were trading up 0.05 hkd or 0.58 pct at 8.65.
(1 usd =7.3 yuan, 7.80 hkd)
george.ng@xfn.com
gn/kmq xfngn/xfnkm
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