Photo/Lan Suying (NBD)

Dec. 24 (NBD) -- Two shareholders of Metro Jinjiang Cash & Carry Co., Ltd. ("Metro Jinjiang") has put their combined 10 percent stake in the company up for sale, according to a recent document released on the Shanghai United Assets and Equity Exchange, a comprehensive platform for assets and equity transactions. 

Metro Jinjiang was founded in 1995 by Germany-based Metro AG and Shanghai-based Jin Jiang International (Group) Company Limited, and was the first joint venture approved to set up chain department stores in multiple Chinese cities.

The base price for the transfer was set at 872.1 million yuan (1.2 million U.S. dollars). Of the 10 percent stake for sale, 4.9 percent is possessed by Jin Jiang International (Group) Company Limited and 5.1 percent held by Shanghai New Long March (Group) Co., Ltd.

MCCAP HOLDING GMBH, which is a consolidated subsidiary of Metro AG and now owns 90 percent of Metro Jinjiang, doesn't give up the preemptive right. 

National Business Daily noticed that any party that wants to buy the 10 percent stake in Metro Jinjiang has to take in 10 percent holdings, respectively, in two other Shanghai-based companies.

Email: gaohan@nbd.com.cn