HONG KONG Feb 1 Chinese department store
operator PCD Stores (Group) Ltd said Beijing
Wangfujing International Commercial Development Co Ltd has
launched a takeover bid with the planned purchase of a 39.53
percent stake for HK$1.997 billion ($257.49 million), giving
rise to an obligation to make a general offer.
Beijing Wangfujing is the controlling shareholder of Beijing
Wangfujing Department Store (Group) Co Ltd, which
operates around 30 department stores across China. Buying PCD
Stores would significantly expand its footprint in China's
fast-growing retail market.
In a filing to the Hong Kong bourse late on Thursday, PCD
Stores said Beijing Wangfujing would buy 1.66 billion existing
PCD Stores shares from the company's major shareholders,
Bluestone Global Holdings Ltd and Portico Global Ltd, at HK$1.20
each, a 10 percent premium to the previous close.
Completion of the deal is subject to approval from relevant
PCD Stores operates 16 department stores and 3 outlet malls
in Beijing and other 7 provinces in the mainland.
($1 = 7.7555 Hong Kong dollars)
(Reporting by Donny Kwok; Editing by Stephen Coates)