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Suning to sell 73m shares

(China Daily)
Updated: 2007-04-24 09:52

Suning Appliance Co, China's second-largest home appliance retailer, plans to sell 2.4 billion yuan worth of shares to finance expansion.

The company will sell 73 million new yuan-denominated shares for at least 33.3 yuan each to 10 institutional investors, according to a company statement.

The Nanjing-based appliance retailer said it plans to use the funds to open 250 stores nationwide. The company plans to more than triple its stores to 1,500 by 2010, according to chief executive Sun Weimin.