Zhongmin Baihui eyes acquisition of retail premises in Hui’an County for $25m

The premises consist of five levels.

After more than three years of operating the Hui'an department store in virtue of a lease agreement, Zhongmin Baihui Retail Group eyes to completely own the mall premises.

According to an announcement filed in SGX, the group's subsidiary, Zhongmin Baihui Quanzhou Commercial Management Co., Ltd. (QZM), entered into five separate conditional sale and purchase agreements for each of the five levels of the mall for a total consideration of $24.9 million.

The consideration for the sale and purchase of each level of the Premises will be based on the individual floor area of each level and calculated at the rate of $979 per sqm.

"The Proposed Acquisition will result in QZM having full title and ownership of the Premises, hence allowing the QZM to have full control, access and right over the operations and management of the Premises, as well as all of the economic benefits of the Hui’an store," the group explained.

Zhongmin Baihui noted that it intends to use internal sources of funds to finance the planned acquisition.