China’s biggest home electronics retailer, Suning Appliance Co (蘇寧電器), said yesterday that it would take a controlling stake in Japanese rival Laox through a private placement of shares.
Suning Appliance and its parent Suning Appliance Group will buy a combined 257 million shares in Laox for ￥9 billion (US$111 million), according to a statement filed to the Shenzhen Stock Exchange.
The share placement will boost Suning Appliance’s stake in Laox to 51 percent from 34.28 percent, Suning said in the statement. Its parent will hold 14.3 percent.
CHINESE CITIES
Suning aims to open 150 Laox Life outlets in 25 Chinese cities including Beijing and Shanghai during the next five years to sell consumer electronics as well as toys, animation and comic products and musical instruments, it said.
Suning purchased a stake in the struggling Japanese consumer electronics retailer for the first time in 2009, buying 27.36 percent of the company for ￥800 million. It has increased its holding in Laox several times since.
REVENUES
Suning had more than 1,300 stores in China, Hong Kong and Japan at the end of last year, generating 75.5 billion yuan (US$11.67 billion) in revenues, up 29.5 percent compared with the previous year.
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