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Suning Appliance to injects RMB 159 mln into LAOX
Source :China Knowledge update : 2010-08-20
Suning Appliance Co Ltd<002024> on Aug. 17 announced that it will invest JPY 2 billion or around RMB 159 million in Tokyo-listed Laox Co Ltd through share subscription, according to a statement filed with the Shenzhen Stock Exchange.
The Chinese leading electronic retailer will purchase 21.28 million shares from Laox for JPY 94 apiece through a wholly-owned overseas subsidiary Granda Magic Ltd, bringing its shareholdings from 29.16% to 33.8%.
Laox, a Japanese leading electronic retail company established in 1930, will use the fund to open stores in Japan and to replenish working capital.
Reportedly, Suning Appliance has become the exclusive distributor of TVs under the Japanese brand Pioneer and intends to sell these LCD and LED TVs in August.
The Chinese leading electronic retailer will purchase 21.28 million shares from Laox for JPY 94 apiece through a wholly-owned overseas subsidiary Granda Magic Ltd, bringing its shareholdings from 29.16% to 33.8%.
Laox, a Japanese leading electronic retail company established in 1930, will use the fund to open stores in Japan and to replenish working capital.
Reportedly, Suning Appliance has become the exclusive distributor of TVs under the Japanese brand Pioneer and intends to sell these LCD and LED TVs in August.