New World Department Store China Ltd. (00825.HK) said in an exchange filing on Tuesday that its indirect wholly owned subsidiary Shenyang New World has agreed to buy a company from Shanghai Hanxin Department Store that owns the Wujiaochang branch of the Shanghai–Hong Kong New World Department Store in Shanghai for 280 million yuan (US$45.85 million). Shenyang New World will settle the consideration in full in cash. New World Department Store China said the acquisition will expand its retail network and increase its market share in Shanghai. The direct investment is expected to create synergies with its existing retail network in Shanghai and complement its growth, it said.
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