Nanjing Textiles Import & Export Corp., Ltd. signed share acquisition agreement to acquire 51% stake in Nanjing Nanshang Commercial Operations Management Co., Ltd. from Nanjing Tourism Group Company Limited and Nanjing Department Store Co., Ltd. for approximately CNY 100 million on November 18, 2020.
November 19, 2020
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Nanjing Textiles Import & Export Corp., Ltd. (SHSE:600250) signed share acquisition agreement to acquire 51% stake in Nanjing Nanshang Commercial Operations Management Co., Ltd. from Nanjing Tourism Group Company Limited and Nanjing Department Store Co., Ltd. for approximately CNY 100 million on November 18, 2020. As per terms of the consideration, 10% of the acquisition price will be paid within 5 working days after the agreement is effective and remaining 90% of the acquisition price will be paid within 15 working days after the acquisition is completed. As per terms, Nanjing Tourism Group Company Limited will sell 20% stake and Nanjing Department Store Co., Ltd. will sell 31% stake. As of September 30, 2020, Nanjing Nanshang Commercial Operations Management Co., Ltd. reported total assets of CNY 124.04 million and net assets of CNY 62.11 million. The transaction is subject to approval from the shareholders of Nanjing Textiles Import & Export Corp., Ltd. The transaction is approved by the board of directors of Nanjing Textiles Import & Export Corp., Ltd. in the 23rd meeting of the 9th directorate.
Nanjing Business & Tourism Corp Ltd is a China-based company mainly engaged in commercial trade business and tourism business. The Company operates its businesses through four segments. The Trading segment is mainly engaged in the export of textiles, clothing and mechanical and electrical products, the import of general chemicals and the domestic trade of cotton, clothing, building materials and other products. The Tour Services segment is mainly engaged in providing water cruise tour services. The Retail Department segment is mainly engaged in single-store department store retail business. In addition, the Company operates through its Manufacturing segment. The Company mainly conducts its businesses in the domestic market and overseas markets.
Nanjing Textiles Import & Export Corp., Ltd. signed share acquisition agreement to acquire 51% stake in Nanjing Nanshang Commercial Operations Management Co., Ltd. from Nanjing Tourism Group Company Limited and Nanjing Department Store Co., Ltd. for approximately CNY 100 million on November 18, 2020.