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Zhongmin Baihui to buy 36 tonnes of Moutai liquor
ZHONGMIN Baihui Retail Group on Monday said it will purchase about 36 tonnes of baijiu (Chinese distilled wine) worth 120 million yuan (S$23.6 million) from Chinese liquor giant Kweichow Moutai Group.
Mainboard-listed Zhongmin Baihui, which owns and operates more than a dozen department stores and supermarkets in China's Fujian Province, on June 18 signed a direct sales agreement with a Kweichow Moutai unit.
Under the agreement, Zhongmin Baihui will buy 30 tonnes of Feitian Moutai 53% 500ml, 2.4 tonnes of Moutai Year of the Rat Edition, 1.5 tonnes of Kweichow Moutai (15y/30y/50y), and 0.9 tonnes of Jingpin Moutai.
Zhongmin Baihui executive chairman Lee Swee Keng said the group was "proud to be among the reputable companies selected to sign distribution agreements with the Kweichow Moutai Group". The June 18 signing ceremony also involved 21 other companies inking different sales agreements with the liquor producer.
"This is a testament of the continual advancement of the good standing the group has achieved in the retail sector," Mr Lee added.
Shares of Zhongmin Baihui were flat at 63.5 Singapore cents as at 9.23am on Tuesday.