Youngor Group Subsidiary To Acquire Stakes In 14 Cos.

Date:2011-11-07     Source:hangmeihouhaizhen  Text Size:

November 7 -- Youngor Group (600177.SH) said Xinma Apparel International, a wholly-controlled subsidiary, plans to buy 25 percent stakes in 14 companies controlled by Youngor Group from Shao International Limited for 754 million yuan, reports Oriental Morning Post, citing a company filing.

Thirteen of the 14 companies are located in Ningbo, and the remaining company is based in Chongqing.

Twelve of the 14 companies recorded earnings in 2010, with Ningbo Youngor Apparel recording net profit of 256 million yuan, the highest among the 14 companies.

Youngor Knitting Apparals and Ningbo Youngor Knitting and Underwear lost 1.94 million yuan and 262,400 yuan, respectively.

The 14 target companies generated total 2010 net profit of 927 million yuan, and earned 723 million yuan in the first three quarters of 2011.

Youngor Group said the acquisitions are to further develop its apparel business and to improve the overall level of profitability.

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