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China's Suning to become Laox's top shareholder

Sunday 28th June, 04:11 AM JST

NANJING —

Suning Appliance Co, China’s second-largest consumer electronics retailer, says it will bring Laox Co under its wing by becoming its top shareholder with a 27.36% stake. Laox will be the first major Japanese consumer electronics discount chain to come under the umbrella of a Chinese firm.

Suning Appliance will send two officials to the Laox board to straighten out its loss-making management in three years. Laox will float new shares worth about 1.5 billion yen to Suning Appliance and others on a private placement basis. Suning Appliance said it intends to acquire Japanese management techniques to enhance its competitive edge with the aim of taking over first place in the Chinese market.

Kyodo News Service

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