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President Chain unveils Shanghai joint venture

President Chain Store Corp (統一超商) yesterday announced a joint venture with Japan's Duskin Co and Mitsui & Co to tap into China's cleaning market, with a new company to be established in Shanghai.

In a statement that was issued yesterday, President Chain said it will control 7.65 percent of the new entity, Duskin Shanghai Co, which has 35 million Chinese yuan (US$4.4 million) in initial capital. Duskin Co will take up 58.35 percent while Mitsui & Co will control the remaining 34 percent, according to the statement.

President Chain said business will commence early next year and the firm expects to start posting gains within five years, the statement said.

The new investment project would help President Chain strengthen its network in China, where it has opened hypermarkets and a health and cosmetics chain, the firm said.

President Chain's shares rose 5.01 percent to NT$30.40 on the Taiwan Stock Exchange yesterday.
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