Lianhua Supermarket Holdings Co (HK:0980) has released an update.
Lianhua Supermarket Holdings Co. has announced the early termination of a leasing agreement between its subsidiary, Century Lianhua Qingpu, and SQBOSC Yinggang Road Branch, a subsidiary of Shanghai Bailian, a major shareholder. Due to the termination, the company will remove the right-of-use asset related to the leased premise from its consolidated financial statements, as required by HKFRS 16. Despite being a significant transaction with a connected person, the termination is exempt from independent shareholder approval but still requires reporting and announcement per the Listing Rules.
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