Chinese Estates (Holdings) (HK:0127) has released an update.
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Chinese Estates Holdings Limited has completed a significant transaction involving the sale of the entire issued share capital of a target company to an independent third party for a total consideration of approximately GBP125.39 million (around HK$1,258.4 million). The sale includes the repayment of debts by the purchaser, and following completion, the target company is no longer a subsidiary and will be excluded from Chinese Estates’ consolidated financial statements. Shareholders’ approval for the transaction was obtained through written consent, negating the need for a general meeting.
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