General Announcement::INCORPORATION OF A JOINT VENTURE COMPANY
August 25, 2021 at 06:16 am EDT
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ZHONGMIN BAIHUI RETAIL GROUP LTD.
(Incorporated in the Republic of Singapore)
(Registration No. 200411929C)
INCORPORATION OF A JOINT VENTURE COMPANY
All capitalised terms in this announcement shall, unless otherwise defined herein, have the same meanings ascribed to them in the Earlier Announcement (as defined below).
The Board of Directors of Zhongmin subsidiaries, collectively, the "Group") Announcement").
Baihui Retail Group Ltd. (the "Company", and together with its refers to its announcement dated 12 March 2021 (the "Earlier
Pursuant to the joint venture agreement entered into between Zhongmin Baihui (China) Retail Group Co. Ltd. ("ZMBH China"), a wholly-owned subsidiary of the Group, and 泉州明发商业城开发建设有限公司 Quanzhou Mingfa Commercial City Development and Construction Co., Ltd. ("Quanzhou Mingfa") on 6 March 2021, the Board of Directors is pleased to announce that ZMBH China and Quanzhou Mingfa have incorporated a joint venture company, details of which are as follows:
Name of joint venture company
: Quanzhou Shi Yueshang Outlet Commercial Co. Ltd
泉州市悦尚奥莱商业有限公司
Country of Incorporation and operation
: People's Republic of China
Date of Incorporation
:
12 August 2021
Amount of registered capital
:
RMB20,000,000
Percentage of equity held by ZMBH China
:
50%
Percentage of equity held by Quanzhou Mingfa
:
50%
Principal activities
:
Market, operate and manage 福建南安官桥华昌国际
城 Fujian Nan'an Guanqiao Huachang International Complex, which has a built-up area of 110,848.87 sqm, for a period of 20 years
The above investment will be funded through the internal resources and bank borrowings (if necessary) of the Group and is not expected to have any material financial effect on the earnings per share and net tangible assets per share of the Group for the financial year ending 31 December 2021.
None of the Directors or controlling shareholders of the Company, as well as their respective associates, has any interest, direct or indirect, in the abovementioned transaction (other than through their interests in the shares of the Company).
By Order of the Board
Lee Swee Keng
Executive Chairman
25 August 2021
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Zhongmin Baihui Retail Group Ltd. published this content on 25 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 August 2021 10:16:05 UTC.
Zhongmin Baihui Retail Group Ltd. is a Singapore-based investment holding company. The Company, through its subsidiaries, is principally engaged in the ownership, operation, and management of a chain of department stores and retail stores in Fujian Province, Peopleâs Republic of China (PRC). The Company has approximately 16 self-owned stores and three managed stores, covering an aggregate gross floor area (GFA) of approximately 219,100 square meters (sqm). Its five self-owned stores are primarily supermarkets, while the rest are large integrated stores. Its department stores offer a range of clothes and accessories for men, women, and children from domestic and international brands from concessionaires, while the supermarkets are stocked with a range of items, including fresh produce and live seafood. The Company also offers food and beverage options and other essential services to improve its customers shopping experience.
ZHONGMIN BAIHUI RETAIL GROUP LTD. 
