SINGAPORE (June 22): Zhongmin Baihui Retail Group, a Singapore-listed operator of department stores in China, announced that it has signed a direct sales agreement with a unit of Kweichow Moutai Group worth RMB120 million (S$23.7 million).
The signing ceremony was held on June 18, at the Moutai International Hotel in Maotai, Guizhou. Zhongmin Baihui is one of 22 companies at the ceremony to sign different sales agreements with the group.
Under the agreement, Zhongmin Baihui will purchase some 36 tonnes of baijiu (distilled wine) from Kweichow Moutai. Kweichow Moutai baijiu is a premium liquor brand in China, and is considered a popular gift item among the Chinese.
“The Group is proud to be among the reputable companies selected to sign distribution agreements with the Kweichow Moutai Group. This is a testament of the continual advancement of the good standing the Group has achieved in the retail sector,” says Lee Swee Keng, executive chairman of Zhongmin Baihui.
Shares in Zhongmin Baihui closed flat at 63.5 cents on Monday.
