2001 Aug 08
AEON Stores (Hong Kong)

JUSCO JOINTLY DEVELOPS FIRST GMS IN SHENZHEN WITH SHENZHEN CENTRALCON THE CITY　PLAZA CO., LTD AND SHENZHEN MODERN FRIENDSHIP CO., LTD

(Hong Kong, August 7, 2001) - General Merchandise Stores (GMSs) operator JUSCO Stores (Hong Kong) Co., Limited ("JUSCO" or the "Group") (Stock code: 0984) today announced that they will enter into a conditional joint venture contract with Shenzhen Centralcon The City Plaza Co. Ltd. ("City Plaza Limited") and Shenzhen Morden Friendship Co., Ltd. ("Friendship Store Limited") on August 9, 2001, to establish a Sino-foreign equity joint venture ("JV Company") in Shenzhen, the PRC, under the name of Shenzhen JUSCO Friendship Stores Co., Ltd..

Under the terms of the contract, the JV Company will be established for a term of 30 years to principally engage in carrying on the business of investing in and operating general merchandise stores initially in Shenzhen.

Mr. Sozaburo Yamazaki, Managing Director of JUSCO, said, "I am pleased to announce that the Group will jointly set up a new GMS store in Shenzhen with City Plaza Limited and Friendship Store Limited. In view of the huge market potential in Shenzhen with its population of over four million and the constantly improving living standards, we have full confidence that the new Shenzhen GMS will contribute significant profit to the Group in the future."

The initial registered capital of the new store is approximately RMB 55 million which will be contributed in cash as to 65% by JUSCO, 9.99% by City Plaza Limited and 25.01% by Friendship Store Limited. JUSCO will finance this project by its internal resources.

 

The new store will be located at the first level basement of The City Plaza, occupying a floor area of approximately 20,000 square metres. Mr. Yamazaki concluded, "The Shenzhen JUSCO store will serve as the Group's flagship operation in Shenzhen. It will commence operations in the third quarter of 2002 and will bring the unique JUSCO shopping concept to the Shenzhen retail consumer, an experience which will attract and retain a loyal customer base. With our experience in GMS operations backed by our visionary management, we have every confidence in the future success of this new store."

JUSCO currently operates eight GMSs in densely populated residential areas in Hong Kong and two GMSs in Guangzhou, the PRC with total floor areas of approximately 1,478,000 sq.ft..

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About AEON Stores
AEON Stores was established in Hong Kong in 1985 and listed on the Hong Kong Stock Exchange in 1994. The Group is mainly engaged in the operation of general retail businesses (General Merchandise Stores and Independent Supermarkets). Currently, it operates 10 GMS, 2 independent supermarkets, 31 independent Living PLAZA by AEON, 31 independent Daiso Japan, 4 Mono Mono, 4 KOMEDA'S Coffee and 1 JELYCO DO By KOMEDA'S Coffee in densely populated districts in Hong Kong. It also operates 21 GMS and 17 independent supermarkets in Guangdong Province, the PRC.

For more information：
AEON Stores (Hong Kong) Co., Limited
Corporate Communication Department
Tel.：（852）2165 0777
Email：aeonpr@aeonstores.com.hk