Shares of Carote, the professional cookware and kitchenware company, soared 9.17% on Friday, following the announcement that its unit Hangzhou Carote Trading agreed to acquire office premises and 20 parking spaces in Hangzhou, China.
The acquisition, valued at 66.5 million yuan, is from Hangzhou Vanke Asian Games Village Development, a unit of China's real estate giant China Vanke. The deal is aimed at establishing the Carote unit's headquarters in Hangzhou, which will help save on rental and relocation expenses as the lease of its current premises is set to expire soon.
The market reacted positively to the news, with Carote's shares trading nearly 8% higher in recent trading session. Investors seem to view the acquisition as a strategic move that will provide long-term cost savings and operational efficiency for the company.
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