Auchan and Ruentex to list Chinese shops
French supermarket giant Auchan and its Taiwanese partner Ruentex said Monday they planned to list shares in their Chinese shops on the Hong Kong stock exchange.
"The main objective of the market listing is to give Sun Holding -- which holds the majority of the interests in Auchan China and RT Mart China (Ruentex shops) -- additional financial resources for the development of the two chains," the companies said in a statement.
Under an agreement signed over the weekend, the shareholders in Auchan China and RT Mart China are exchanging their stakes for shares in Sun Holding.
Up to 20 percent of Sun Holding is to be listed on the Hong Kong stock exchange, after the approval of regulators, and no sooner than in the final quarter of 2011, said the companies.
© 2010 AFP