GOME may sell 20% stake to replenish capital
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Gome Electrical Appliance Holdings Ltd<0493>, a major home appliance retail enterprise in China, plans to sell a 20% stake owned by its disgraced founder and former chairman Huang Guangyu to raise capital, the National Business Daily reported on Tuesday.
Kohlberg Kravis Roberts & Co (KKR) and Bain Capital reportedly may bid around HK$3 billion for a large stake in Gome. Fosun Group chairman Guo Guangchang and Hong Kong tycoon Li Ka Shing, as well as Warburg Pincus LLC's Warburg Pincus Asia, which already owns a small stake, are also reportedly among those interested in bidding.
Hong Kong-based Hutchison Whampoa Ltd<0013> on Tuesday denied the report that the company has interest in the deal.
Late yesterday, GOME said its shares would remain suspended from Hong Kong trading until further notice.
GOME last month posted net profit of RMB 1.05 billion for 2008, down 7% from the RMB 1.13 billion recorded in 2007. Its revenue rose 8.03% year on year to RMB 45.89 billion.
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_200068.jpg "HKTDC Hong Kong Electronics Fair (Autumn Edition) 60x60_image")
