Esprit China Stake to Esprit
Esprit Holdings Limited (
, HKEx: 00330) and China Resources Enterprise, Limited (
, HKEx: 00291) today jointly announced that the companies have entered into a sale and purchase agreement in relation to their joint venture business in China (
). Esprit will effectively acquire the businesses of Esprit China from its joint venture partner CRE for an aggregate cash consideration of HK$3.88 billion.
Esprit China is a joint venture that is 51% and 49% owned
by CRE and Esprit, respectively. Esprit China engages in the
retail sale and wholesale distribution of
Esprit will own 100% of the economic rights of Esprit
China with effect from February 17, 2010 or such other date
CRE and Esprit agreed. This proposed transaction represents
Mr. Heinz Krogner-Kornalik, Executive Chairman of Esprit,
Mr. Chen Lang, Managing Director of CRE, said,
The proposed transaction constitutes a discloseable and connected transaction from CRE's perspective, and a discloseable transaction from Esprit's perspective, with completion subject to the satisfaction of certain conditions.
About China Resources Enterprise, Limited
China Resources Enterprise, Limited is listed on the Hong Kong Stock Exchange and is one of the constituent stocks of the Hang Seng Index in Hong Kong. The Group focuses on the consumer businesses in both the Chinese Mainland and Hong Kong, with core activities being retail, beverage, food processing and distribution and property investment.
About Esprit Holdings Limited
Esprit Holdings Limited generated a worldwide group turnover of around HKD 34.5 billion (as of 30.06.2009), with net profits of around HKD 4,745 million. The share of Esprit Holdings Limited is listed on the Hong Kong stock market and is included in both the Hang Seng Index, in the MSCI Index Hong Kong, as well as in the FTSE ALL World-Index for Hong Kong, S&P/HKEx LargeCap Index and S&P Asia 50 Index. Esprit Holdings Limited operates more than 800 directly managed retail stores worldwide and distributes its products via more than 14,000 wholesale locations around the globe. The company has more than 1.1 million square metres of sales area in more than 40 countries.
Learn more about Esprit.
New Group CEO : Esprit
Continues Strategic Direction
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