Intime to Acquire 5th Hubei Department Store
Hangzhou-based Intime Department Store's (1833.HK) wholly owned subsidiary Hubei Intime has spent RMB 177.1 million to acquire from 23 shareholders 65.8% stake in Xiantao Gongxiao, the operator of Xiantao Shangcheng Building, the largest department store in Xiantao, Hubei province, Intime announced December 9.
Xiantao Gongxiao booked revenue of more than RMB 200 million and net profit after tax of more than RMB 22 million in the fiscal year ended December 31, 2008. Intime currently operates four department stores in Hubei province.
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