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Suguo Rural Shops Broach 1,000
China Resources Enterprise's (0291.HK) convenience store chain Suguo has established 1,100 locations, or 60% of its total stores, in rural areas of the country, 163.com reported November 5 citing Suguo Chairman Ma Jialiang. Off the total, more than 800 are located in villages, Ma said, adding that the company is keen to develop the rural market. Reports in mid-August said Suguo recorded sales revenue of RMB 17 billion in the first half of 2009.
China Resources' wholly owned supermarket subsidiary CR Vanguard is still in talks with Shenzhen Agriculture Products (000061.SZ) subsidiary Shenzhen Minrun Agriculture Products Distribution Commercial Co over a possible acquisition Information Times reported citing a CR Vanguard employee. Previous reports said negotiations began in December 2008.
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