Wuhan Department Store Group Co., Ltd. cancelled the acquisition of remaining 50% stake in Wushang Baisheng Industrial Development Co., Ltd from Malaysia Golden Lion Guanqi Co., Ltd.
August 27, 2016
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Wuhan Department Store Group Co., Ltd. (SZSE:000501) agreed to acquire remaining 50% stake in Wushang Baisheng Industrial Development Co., Ltd from Malaysia Golden Lion Guanqi Co., Ltd for approximately CNY 110 million in cash on August 28, 2015. After the transaction, Wuhan Department Store Group will own 100% stake in Baisheng Industrial. Wushang Baisheng Industrial Development Co., Ltd reported total assets of CNY 121.7 million, net assets of CNY 5.97 million, revenues of CNY 22.77 million, operating profit of CNY 0.21 million and net profit of CNY 0.21 million during the year ended December 31, 2014. The transaction was approved by Board of Wuhan Department Store Group.
Wuhan Department Store Group Co., Ltd. (SZSE:000501) cancelled the acquisition of remaining 50% stake in Wushang Baisheng Industrial Development Co., Ltd from Malaysia Golden Lion Guanqi Co., Ltd on August 28, 2016.
Wushang Group Co Ltd, formerly Wuhan Department Store Group Co Ltd, is a China-based company mainly engaged in merchandise sales business in shopping malls and supermarkets. The Company operates through department stores and supermarket chains. The Company is also engaged in real estate business. The Company mainly sells fruits and vegetables, livestock products, aquatic products, daily ingredients, grain and oil, seasonings, leisure food, beverages, cosmetic washing, shoes and hats, needle cotton, leisure department stores and other commodities. The Company mainly conducts its businesses in Hubei Province, China.
Wuhan Department Store Group Co., Ltd. cancelled the acquisition of remaining 50% stake in Wushang Baisheng Industrial Development Co., Ltd from Malaysia Golden Lion Guanqi Co., Ltd.
WUSHANG GROUP CO., LTD. 
