Date
23 April 2018

Wumart buys Lotus mainland stores for HK$2.34 bln, filing says

Wumart Stores Inc. (01025.HK) has agreed to acquire 36 retail stores in mainland China from C.P. Lotus Corp. (00121.HK) for HK$2.34 billion (US$300 million), according to a filing to the Hong Kong stock exchange on Tuesday. In addition, Wumart will buy 1.09 billion ordinary shares and 1.39 billion convertible preference shares, or 9.99 percent stake, in Lotus for HK$541.9 million, while Lotus will buy 206.6 million Wumart H shares, or 13.77 percent stake, for HK$2.89 billion, the filing said. 

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JP/RA

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