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Suning Approved for RMB 2.8b Share Issue
Home appliance and electronics retailer Suning (002024.SZ) announced on November 5 that it has received approved from the China Securities Regulatory Commission for its 2009 share issue plan.
Suning plans to raise RMB 2.8 billion through the issue of 200 million shares, the company announced in June. RMB 1.4 billion of the proceeds will be used to build 250 stores, RMB 1.01 billion will go to the construction of six logistics bases, while RMB 390 million will be left over for liquid capital.
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