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Ka Wang Holding signs LoI to acquire Hunan Golden Dragon Stores

08
Jun '07
Ka Wang Holding Inc parent company to Ka Wang Department Stores, located in southern China, has signed a letter of intent (LoI) to acquire Hunan Golden Dragon Stores.

In 2006, revenues for Hunan Golden Dragon reached 54 million. Ka Wang Holding Inc hopes to finish this acquisition within the next 60 days. Mr. Mio LokTin, CEO of Ka Wang, feels that acquiring Hunan Golden Dragon is a big step in achieving the ultimate goal of being the major retailer in the ever growing Chinese market place. Similar acquisitions are now in negotiations and should be completed during 2007.

Ka Wang Holding Inc parent company of Ka Wang Department Stores in Southern China, has been operating since 1980. Their main business is high-end designer clothing for men and women.

Ka Wang carries many of the top brands and has joint ventured with the famous Italian design brand "Jagger" to be their sole agency in the Far East. They also have their own manufacturing factory where they design, research and develop their own clothing lines for wholesale and retail customers.

With the standard of living in China improving, the general population is becoming more conscious of designer wear labels. Ka Wang's 2006 sales reached $80 million with net income exceeding 30%.

Ka Wang Holding Inc


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