Intime Raises Stake in Wuhan Dep’t Store; Edges Closer to Control

Intime Department Store (1833.HK) has increased its stake in Wuhan Department Store Group (000501.SZ) to 23.83%, resulting in a potential change of major shareholder, it announced April 6. Wuhan Department Store's previous largest shareholder, Wuhan Shanglian Group, retained control over the company in late March through an agreement with another shareholder; the two in combination hold a 22.81% stake in the company, compared with Intime's interest of 22.71%, according to an earlier announcement.