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Nanjing Xinjiekou Department Store to issue shares for stake acquisition and fund raising


Thursday, 3 Jul 2014 08:00pm EDT 

Nanjing Xinjiekou Department Store Co Ltd:To issue 59,181,896 shares at 11.49 yuan per share to Sanpower Group in exchange for 100 pct stake in a Nanjing-based industrial company (target A).To issue 2,548,024 shares at 11.49 yuan per share to Sanpower Group in exchange for 100 pct stake in a Nanjing-based commerce company (company B).Transaction price is 680 mln yuan.To issue no more than 21,900,154 shares at no less than 10.35 yuan per share through private placement, to raise up to 226,666,600 yuan.The proceeds will be used for renovation costs and supplement of working capital.Sanpower Group's stake in the company will increased to 35.37 pct (155,430,487 shares) up from 26.86 pct (96,248,591 shares), after the transaction. 

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