Hong Kong-listed New World Department Store has announced plans to acquire department store businesses in Kunming and Ningbo for HKD3 million and CNY2 million, respectively.

New World Department Store said in a report that the company had signed an agreement with the vendor to acquire the entire rights and interests of Yunnan New World Department Store Company for HKD3 million. Yunnan New World Department Store Company was founded in January 2004 and had been operating department store business in Kunming under the name of Kunming New World Department Store. By June 30, 2008, the unaudited net debts of the company were HKD3.759 million.

In addition, New World Department Store has also signed an agreement to acquire the entire rights and interests of Ningbo Huimei New World Department Store Company for CNY2 million.