BEIJING, July 17 : Zong Qinghou, China's richest man who is worth an
estimated $11.3 billion, plans to add more malls across Chinese cities
as he considers an initial public offering for those operations.
There is no specific time frame for the share sale, Zong said at a press conference in Beijing today. The billionaire controls food and beverage conglomerate Hangzhou Wahaha Group Co. (HWGZ), which plans to have about 100 malls in China in the next three to five years, according to a statement from the closely held company Tuesday.
"We will need to make profit on our retail business for three consecutive years if we want to sell shares and we will need to see whether there is still demand for our IPO by that time," Zong said in an interview.— Bloomberg
Dell faces key shareholder vote on go-private plan
WASHINGTON, July 17 : With a critical vote looming on a private equity buyout for Dell, it has become clear the struggling computer giant faces a tough road as it tries to revive its fortunes.
Dell shareholders are set to vote Thursday on the $24.4 billion buyout plan, which would take Dell private and allow founder Michael Dell to restructure the company without the pressures of a publicly traded firm.
The plan has been endorsed by the prominent proxy advisory firm Institutional Shareholder Services, but several stakeholders are opposing the buyout and corporate raider Carl Icahn has been waging a campaign to derail it.
Some reports say the vote is likely to be close, and that Dell may delay the vote if it lacks a majority. But in any case, Dell faces a rocky future.
"I expect the deal to go through, and if it does I would expect Michael Dell to make changes rapidly," said Roger Kay, analyst at Endpoint Technologies Associates. — AFP
There is no specific time frame for the share sale, Zong said at a press conference in Beijing today. The billionaire controls food and beverage conglomerate Hangzhou Wahaha Group Co. (HWGZ), which plans to have about 100 malls in China in the next three to five years, according to a statement from the closely held company Tuesday.
"We will need to make profit on our retail business for three consecutive years if we want to sell shares and we will need to see whether there is still demand for our IPO by that time," Zong said in an interview.— Bloomberg
Dell faces key shareholder vote on go-private plan
WASHINGTON, July 17 : With a critical vote looming on a private equity buyout for Dell, it has become clear the struggling computer giant faces a tough road as it tries to revive its fortunes.
Dell shareholders are set to vote Thursday on the $24.4 billion buyout plan, which would take Dell private and allow founder Michael Dell to restructure the company without the pressures of a publicly traded firm.
The plan has been endorsed by the prominent proxy advisory firm Institutional Shareholder Services, but several stakeholders are opposing the buyout and corporate raider Carl Icahn has been waging a campaign to derail it.
Some reports say the vote is likely to be close, and that Dell may delay the vote if it lacks a majority. But in any case, Dell faces a rocky future.
"I expect the deal to go through, and if it does I would expect Michael Dell to make changes rapidly," said Roger Kay, analyst at Endpoint Technologies Associates. — AFP
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