China Resources Vanguard has announced that it has formally acquired the Wuxi-based supermarket chain Yong'an.
China Resources Vanguard started discussions with Yong'an Supermarket about the acquisition at the beginning of 2008. In April 2009, the two sides signed an agreement, which said China Resources Vanguard would purchase Yong'an Supermarket by asset acquisition.
On the completion of this acquisition, China Resources Vanguard will have 35 outlets in Wuxi. Starting from April 30 this year, China Resources Vanguard will take over and renovate Yong'an Supermarket's 25 outlets in five batches. Ten of these outlets, including the Fenglei store, the Fengshun store, and the Xufeng store, will be reopened after renovations. The acquisition and renovation are expected to be fully completed by the end of May 2009.
In addition, China Resources Vanguard will take on all the current employees of Yong'an Supermarket.