Struggling Japanese consumer electronics firm Laox Co is in talks to sell a stake of around 30 percent to Chinese retail chain owner Suning Appliances (蘇寧電器), a report said yesterday.
The deal would make Laox the first big Japanese retailer to become a Chinese company’s affiliate, the Nikkei Shimbun economic daily said.
Under the plan, Laox would issue roughly ¥1.5 billion (US$15 million) in shares, representing a more than 50 percent stake, to a Japanese firm acting as a go-between, the daily said without citing sources.
Suning would then take 30 percent from the go-between to become Laox’s principal shareholder with board representation, it said, adding that an announcement would be made as early as next week.
Suning, China’s second-largest home appliance chain, is hoping to learn business practices, such as pricing policies and customer service, from working in the Japanese consumer electronics retail market, the report said.
Laox would likely use the funds raised from the share issuance to revitalize stores, it said.
The Japanese company said it is negotiating with several companies for new share issuance but declined to elaborate further.
Suning yesterday commented on the report in a statement filed with the Shenzhen Stock Exchange.
“Laox recently proposed cooperation with the Company [Suning], and the Company has been in touch with Laox on the issues of industry development and bilateral cooperation,” Suning said. “However, the Company has not signed any binding legal document with Laox.”
“If there is any further development concerning cooperation with Laox, the Company will go through all the approval procedures and release information as required by the rules in a timely and accurate manner,” it said.
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