Business Intelligence on Retailing, Franchising, and Consumerism in China


Gome Repurchases Company Shares

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.





Be the first to comment on "Gome Repurchases Company Shares"

Leave a comment

Your email address will not be published.


*




  Other China News

ChinaTechNews.com:


GreenChinaTech:

Chinese Electric Bus Manufacturer Lands USA Deal

American Electric Car Manufacturer To Build In China

U.S. Clean Water Company Makes Chinese Inroads

GE Will Promote Wind Power Through New Chinese Education Center


ChinaSourcingNews.com:

JD To Build Global Logistics Headquarters In Xi'an

Wumart, AGS Sign Agreement For Seafood Direct Procurement

India Gains Second Factory From China's Xiaomi

85% of Indian Staff To Lose Jobs At China's LeEco