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Local Store Seeks 7-11 Convenience Store Shares

2005/12/15

Local Store Seeks 7-11 Convenience Store Shares

The Beijing Wangfujing Department Store Company Limited (Group) wants to buy a 25 percent stake in Seven-Eleven Beijing Company Limited, a Chinese joint venture with Seven-Eleven Japan Company Limited, the Xinhua News Agency reported.

The big retailer is willing to spend millions of dollars because it wants to tap into the convenience store market.

In a statement to the Shanghai Stock Exchange, Wangfujing Department Store said it would pay US$8.75 million for the stake, currently held by the Beijing Shoulian Commercial Group Company Limited, a State-owned company engaged in logistics and department store operations.

Seven-Eleven Japan Company Limited owns a 65 percent stake in the joint venture company, while the Beijing Shoulian Commercial Group Company Limited and the China National Sugar & Alcohol Group Corporation hold 25-percent and 10-percent shares.

The deal awaits the approval of the Ministry of Commerce and the US Seven-Eleven Corporation and Seven-Eleven Japan, which have a right of first refusal on the deal, according to a marketing official at the Wangfujing Department Store, who declined to be named or to reveal detailed plans of the transaction.



 
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