Important news for Suning directly from China: new liquidity from the State for 400 million euros is coming.
An important breath of fresh air for Suning, which due to the pandemic has gone through a moment of great difficulty in the last year. The positive news for the group that holds the majority ofInter they come directly from China, in particular from Caixin, and have been reported by Football and Finance.
“The Chinese group of Zhang Jindong will in fact receive 3.2 billion yuan (just over 400 million euros) from a fund controlled by the state. Suning.com said that 5.59% of its shares will be transferred to a fund made up of four state-owned enterprises which are ultimately controlled by the Jiangsu provincial government. The shares are controlled by an affiliate of Zhang Jindong, president of Suning.com, who currently holds 19.7% of the total shares. The transfer price will be 6.12 yuan per share, 90% of Tuesday’s closing price. According to the agreement, Zhang will have the obligation to repurchase the shares being transferred by April 1, 2022 for a consideration of 3.182 billion yuan, plus interest (approximately 3.85% on an annual basis).
[…] Last month, two branches of the Jiangsu Province-based government agency that oversees major state-owned businesses agreed to establish a 20 billion yuan fund with the parent company of Suning.com. The fund would be used to invest in its best performing assets and assets, a move that should give the company more breathing room to deal with its heavy debt load“, it is read.
June 3, 2021 (change June 3, 2021 | 17:07)
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