Cowin Capital To Fully Exit Guangxi Nancheng Department Store

Shenzhen Cowin Capital is to make a full exit from Guangxi Nancheng Department Store via a strategic sale, as Hunan province-based supermarket and mall operator Better-Life Commercial Chain Share Co., Ltd. agreed to acquire the investment firm’s remaining 2.32% stake for around RMB36.5 million, according to a regulatory filing.

The sale, initially announced in May 2014, would see Better-Life acquiring 100% stake in Guangxi Nancheng with a combination of shares and cash.

Better-Life has completed issuing around 111 million shares at RMB13.48 apiece to purcahse 95% stake in Guangxi Nancheng, while one of its subsidiaries would pay RMB78.8 million to acquire the remaining 5% stake.

In July 2012, Cowin Capital invested RMB450,000 for a 7.50% stake in the Guangxi department store.

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