Bank of East Asia (HK:0023) has released an update.
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The Bank of East Asia (BEA) Group has entered into an agreement with SMBC Group to purchase loans valued at approximately HK$1,107.63 million. This strategic acquisition involves rights and obligations transfer for certain loan commitments originally held by SMBC, a connected person due to its substantial shareholding in BEA. The transaction, while subject to reporting and announcement stipulations, does not require independent shareholder approval as it falls below the 5% threshold in applicable percentage ratios.
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