China's leading electronics retailer GOME says it will purchase the 35% stake of the firm's chairman Wong Kwong-Yuan for HK$6.9 billion.
China Daily reports that GOME operates 263 stores in 69 Chinese cities, and it will pay partly for Wong's remaining stake by issuing 650 million new shares to Wong at HK$8.05 each, which is equal to the company's last traded price Tuesday.
Wong will still retain control of a179 GOME-branded outlets in 61 different cities after the deal as these stores are held under a different private company owned by Wong.
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