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China South City Holdings Ltd's Nanning China South City Company Limited Announces Acquisition Of HOBA Furnishing

Monday, 29 Jul 2013 08:35am EDT 

China South City Holdings Ltd announced that on July 29, 2013, Nanning China South City Company Limited (the Subscriber, an indirect wholly owned subsidiary of the Company), entered into the Subscription Agreement with HOBA Furnishing, and pursuant to that agreement, the Subscriber has conditionally agreed to acquire (by way of subscription), and HOBA Furnishing has conditionally agreed to issue, the Subscription Shares at the aggregate subscription price of RMB522,210,000 (equivalent to approximately HKD656,470,000). The Subscription Shares will represent 75% of the issued share capital of HOBA Furnishing (as enlarged by the issue of the Subscription Shares) upon Completion. HOBA Furnishing is principally engaged in the operation of furnishing centres in the PRC for the supply of home furnishing products and accessories.