Hong Kong listed handbag retailer Milan Station Holdings Ltd. has created a company project comprising Standpoint and J&C to acquire the entire equity interests of Chaodai. The announcement was first made on December 30 in relation to a memorandum of understanding between the companies. However, Monday’s filing with the Hong Kong Stock Exchange details the outline of the framework agreement on the acquisition of equity interests of Chaodai. ‘According to the framework agreement, Standpoint and J&C will form the project company. At formation, the project company will be owned as to 90 per cent by Standpoint and 10 per cent by J&C, which is the same as their respective shareholding percentage in Milan Station Internet,’ the filing reads. Once the acquisition is complete, J&C will transfer its 10 per cent shareholding in Milan Station Interne to Standpoint. Through the acquisition, Chaodai ‘will become well positioned in terms of financial and human resources and wider business networks to explore the cross-border online business under the brand name and the trademark ‘Milan Station’ for better return on their investments,’ the filing reads. Milan Station planned to expand its retail points in the city’s ‘clubhouses’ amid booming sales here, the company said in August last year. To further boost sales growth, Milan Station said in its interim results report that it planned to increase the number of sales points from six to ten in ‘exclusive clubhouses’ in Macau. S.F.
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