BYD Electronic (International) Co (HK:0285) has released an update.
BYD Electronic (International) Co has entered into an asset sale agreement with its controlling shareholder BYD, in a transaction that falls under the connected transaction category due to BYD’s significant shareholding. The deal, involving the sale of manufacturing equipment to BYD for a cash consideration equal to the assets’ net value at delivery, is exempt from requiring independent shareholders’ approval. The proceeds from the sale, not expected to yield significant gains or losses for the company, will be directed towards general working capital.
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