Shaanxi Private Economy High Quality Development Relief Fund Partnership Enterprise (L.P.) managed by Shaanxi Investment Fund Management Co., Ltd. completed the acquisition of Xian Renrenle Industrial Co., Ltd. from Renrenle Commercial Group Co.,Ltd..
January 12, 2021
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Shaanxi Private Economy High Quality Development Relief Fund Partnership Enterprise (L.P.) managed by Shaanxi Investment Fund Management Co., Ltd. agreed to acquire Xian Renrenle Industrial Co., Ltd. from Renrenle Commercial Group Co.,Ltd. (SZSE:002336) for approximately CNY 460 million on December 10, 2020. Shaanxi Private Economy High Quality Development Relief Fund Partnership Enterprise (L.P.) will acquire 99.5% and Shaanxi Investment Fund Management Co., Ltd. will acquire 0.5% stake. On December 31, 2020 Renrenle Commercial Group Co.,Ltd. received an equity transfer payment of CNY 461.7 million from Shaanxi Private Economy High Quality Development Relief Fund Partnership Enterprise (L.P.) and CNY 2.3 million from Shaanxi Investment Fund Management Co., Ltd. Xian Renrenle Industrial Co., Ltd. reported total assets of CNY 95.1 million and total common equity of CNY 94.9 million as of October 31, 2020.
The thirteenth (temporary) meeting of the fifth board of directors of Renrenle Commercial Group Co.,Ltd. reviewed and approved the transaction. On December 21, 2020 the buyer's investment decision-making committee approved the above transaction. On December 28, 2020, the Renrenle Commercial Group Co.,Ltd 2020 second (temporary) general meeting of shareholders reviewed and approved the transaction. The independent directors of Renrenle Commercial Group Co.,Ltd. issued an independent opinion agreeing to this transaction.
Shaanxi Private Economy High Quality Development Relief Fund Partnership Enterprise (L.P.) managed by Shaanxi Investment Fund Management Co., Ltd. completed the acquisition of Xian Renrenle Industrial Co., Ltd. from Renrenle Commercial Group Co.,Ltd. (SZSE:002336) on January 12, 2021. The consideration has been paid by Shaanxi Investment Fund Management Co., Ltd.
RENRENLE COMMERCIAL GROUP CO., LTD. is a China-based company principally engaged in the chain operation of hypermarkets, supermarkets and department stores. The Company's principal businesses include the retail of food, fresh produce, washing supplies, household appliances, textiles, daily necessities and department store supplies. The Company mainly conducts its business in domestic market, with South China and Northwest China as its major markets.
Shaanxi Private Economy High Quality Development Relief Fund Partnership Enterprise (L.P.) managed by Shaanxi Investment Fund Management Co., Ltd. completed the acquisition of Xian Renrenle Industrial Co., Ltd. from Renrenle Commercial Group Co.,Ltd..