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State-owned department store chains to merge amid SOE reform trend

By Li Wenfang in Guangzhou | China Daily | Updated: 2018-12-26 08:00

Department store chain Guangzhou Grandbuy Co announced on Monday its controlling shareholder has agreed to acquire a 100 percent stake in rival chain Guangzhou Friendship Group Co.

The move paves the way for the merger of the two major Guangdong province-based department store groups, and marks a step forward in the reform of State-owned enterprises in Guangzhou.

The agreement between Guangzhou Grandbuy's and Guangzhou Friendship's controlling shareholders - Guangzhou General Merchandise Group and Guangzhou Yuexiu Financial Holdings Group Co, respectively - follows SOE reform measures issued by the Guangzhou municipal government in August, and decisions from the Guangzhou Municipal State-owned Assets Supervision and Administration Commission.

State-owned department store chains to merge amid SOE reform trend

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