Wumart Enterprise is abandoning plans to purchase a 50% stake in Jiangsu Times Supermarket Co. for HK$1.14bn (US$146m).
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The deal, which was entered into at the end of August, has been scrapped due to “uncertain factors in relation to the share placement and the payment required for the completion of the transaction”.
This uncertainty, the Chinese company said in a statement to the Hong Kong stock exchange, has arisen following the suspension of Wumart’s Hong Kong shares in November. No details of when trade in Wumart stocks will resume were provided.
