ITOCHU t led flashlight o buy 28% equity interest in Shanshan Group
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ITOCHU to buy 28% equity interest in Shanshan GroupPublished: 17 Feb 2009 00:00:00 PST

Feb. 17, 2009 (China Knowledge) - China's Shanshan Group, parent of Ningbo Shanshan Co Ltd<600884>, agreed to sell a 28% equity interest to Japan-based ITOCHU Corp, the world's biggest textile retailer, sources reported.

ITOCHU spent ¥10 billion (around RMB 758 million) in exchange for a 28% equity interest in Shanshan Group, 25% of which will be held by ITOCHU Corp. The remaining 3% will be held by ITOCHU (China) Holding Co Ltd.

Shanshan's chairman, Zheng Yonggang, noted that the move is to help the Ningbo-based company transform into an integrated business conglomerate using ITOCHU's management and resource advantages.

Shanshan Group has signed a strategic agreement with ITOCHU Corp. If business targets are not achieved in three years, Shanshan Group has the option to take back its 28% equity interest from ITOCHU, Zheng added.

Shanshan Group hopes to cooperate with ITOCHU in areas besides the textile business in the future.

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