1 Min Read
HONG KONG, June 7 (Reuters) - New World Department Store China Ltd said its parent firm plans to take it private for HK$934.5 million ($120 million), so that it can better tackle a challenging operating environment and take risks in implementing strategy.
Property developer New World Development Co Ltd, which owns 72.29 percent of New World Department Store, is offering HK$2 apiece for all outstanding shares it does not already own.
That represents a 50.4 percent premium to the previous close, the department store operator said a filing to the Hong Kong bourse late on Tuesday. (Reporting by Donny Kwok; Editing by Edwina Gibbs)