Red Star Macalline Transfers Micro-Loans Unit to Parent Company
Tang Shihua
/SOURCE : Yicai
Red Star Macalline Transfers Micro-Loans Unit to Parent Company

(Yicai Global) Sept. 1 -- Chinese furniture shopping mall chain, Red Star Macalline Group Corp. Ltd. [HKG:1528] will sell its micro-loan firm to its holding shareholder, Red Star Macalline Holding Group, for CNY201.4 million (USD30.6 million), the listed firm said on Aug. 31.

Macalline Group and two wholly-owned subsidiaries penned a transfer agreement to sell 100 percent equity in Shanghai Huangpu Red Star Micro-Loan Co., the statement said.

The transaction is part of the group's internal restricting, it said, and aims to improve operating efficiency and simplify business structure.

Macalline's listed unit saw profit and income growth of more than 10 percent after opening 14 new stores in the first half, its interim report showed.

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Keywords: Equity Transfer , Red Star Macalline , Micro Loans