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Zhongmin Baihui Retail Group Ltd's Zhongmin Baihui (Quanz hou) Commercial Management Co., Ltd. Enters Into Sale And Purchase Framework Agreement with Quanzhou Zhongmin Baihui Shopping Co., Ltd


Tuesday, 12 Mar 2013 05:58am EDT 

Zhongmin Baihui Retail Group Ltd announced that the Company had, through its wholly-owned subsidiary, Zhongmin Baihui (Quanz hou) Commercial Management Co., Ltd. (QZM/Transferee), entered into a sale and purchase framework agreement (S&P Framework Agreement) with Quanzhou Zhongmin Baihui Shopping Co., Ltd. (Quanzhou ZMBH /Transferor), pursuant to which Quanzhou ZMBH agreed to transfer its business and undertakings in connection with the operation and maintenance of the two existing department stores owned by Quanzhou ZMBH, namely: the Tumen Store andthe Quanxiu Store, to QZM (each a Proposed Transfer, and collectively the Proposed Transfers). Pursuant to the S&P Framework Agreement, the Company, through QZM, has agreed to the transfer of the Undertakings from Quanzhou ZMBH to the Company for a total consideration of up to RMB10,000,000 (equivalent to approximately SGD2,001,000, based on the exchange rate of RMB1: SGD0.2001 published by Bloomberg on the close of the market day preceding the date of the S&P Framework Agreement) (the Total Consideration). 

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1.855
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21 Oct 2014