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LeRoi to acquire Wang On's Greatest Wealth retail chain
click rate:2182 issue time:2007-03-10 08:12
Feb. 5, 2007 (China Knowledge) – Wang On Group <1222> said Sunday its associate LeRoi Holdings <221> has agreed to purchase its retail chain and properties for HK$18.2 million.


According to the joint announcement, LeRoi said it will buy Wang On's retail chain Greatest Wealth, which operates 10 retail stalls selling fresh pork and related wet-market produce. LeRoi also assumes a HK$2 million debt from Wang On, making the total sum involved in the deal HK$8 million.


LeRoi also entered into a separate agreement with Wang On to buy its wholly owned property vehicle subsidiary Suitbest, for a maximum HK$10.2 million, but only if Suitbest successfully buys over two property sites in Mong Kok. Should Suitbest fail to purchase the new sites by the end of February, LeRoi will pay only HK$5.3 million for the property company.


The total consideration will be raised through financing provided by Wai Yuen Tong <897>, a subsidiary of Wang On and a major shareholder of LeRoi.