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Better Life Commercial to raise RMB 1.2 bln via placement

Apr. 18, 2012 (China Knowledge) - Better Life Commercial Chain Share Co Ltd<002251>, which is principally engaged in wholesale and retail business in China, has announced plans to raise no more than RMB 1.2 billion via a private placement.

The Company said that it will issue between 20 million and 60 million shares with a price of at least RMB 21.92 per share.

Proceeds from the offering will be used to fund three projects, including its supermarket chain develop project.

In 2011, Better Life Commercial saw its sales revenue increased 24.65% year on year to RMB 8.44 billion, and its net profit for last year surged 52.5% than a year earlier to RMB 260 million.

As of the end of last year, the company has 119 supermarket stores and 19 department stores, sources reported.

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