Financial news
Written by: Jingjing He
2019-12-07 14:00
Last updated: 2019-12-07 14:01New World Department Store (0825) announced that it will sell cosmetics and personal care products sales business and beauty related ancillary services to K11 RC, a direct wholly-owned subsidiary of parent company New World (0017), for 1 yuan (RMB‧ the same below). Cosmetics (Shanghai) 40% equity.
The shares were sold by New World to New World Department Store at no cost in May last year, but the latter had to bear 16 million yuan of registered capital. Now that the shares are sold back to the parent company, New World is responsible for funding.
The announcement said that in view of the current market conditions, management decided to sell its equity to focus on its core department store business. The purpose of New World Department Store taking over the shares from the parent company last year was to further expand the retail network and promote diversification of operations to create synergies.
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