The IPO has come about after the cancellation earlier this year of a deal with its larger Beijing-based competitor Wumart Stores that would have provided Times with immediate access to the capital markets û thus enabling it to raise funds for expansion. A listing in its own right will essentially replace those potential funds.
According to an agreement between Times and Wumart in August 2006, the latter was to acquire a 50% stake in Times for HK$1.14 billion $146 million from its controlling...
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