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Suning Approved To Issue Stock, Will Open 250 New Stores
May 12, 2008 |
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Comments | Category: Gadgets & Electronics
Chinese electronics retailer Suning says it has been approved by Chinese Securities Regulatory Commission to issue a non-public offering of no more than 73 million shares and the funds raised will be used to develop 250 chain stores and the construction of Shenyang Logistics Center, Wuhan Zhongnan Flagship Store and Shanghai Putong Flagship Store.
Suning published the non-public offering plan on April 21, 2007 and it was passed conditionally by CSRC on September 25, 2007. Suning plans to issue no more than 73 million shares at the price of no less than CNY33.3 each, targeting at a maximum of 10 specified investors, including securities investment and fund management companies, insurance companies, securities companies, financial companies and eligible overseas investors.
Suning plans to develop the 250 stores in various spots all over the country. These stores, which are scheduled to be completed in 18 months, are expected to bring an additional business space of 815,200 square meters and an annual sale of CNY18.625 billion to the company.
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