Maxvalu Chubu Co., a supermarket chain based in Mie Prefecture, said Monday it has established a subsidiary in the Chinese city of Suzhou, Jiangsu Province, to oversee the operations of its supermarkets in China.
The subsidiary, Aeon Maxvalu (Jiangsu) Co., capitalized at 80 million yuan (about ¥1.28 billion), is 80 percent owned by Maxvalu Chubu, with the remainder put up by Aeon (China) Co., retailer Aeon Co.'s regional headquarters in China.
Maxvalu Chubu, an Aeon subsidiary that runs a network of supermarkets in four central prefectures including Aichi and Shiga, said it has remitted the capital to China after getting authorization from regulatory authorities in Suzhou to run the subsidiary.