Orient Overseas (International) (HK:0316) has released an update.
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Orient Overseas (International) Limited, through its subsidiary, has agreed to acquire a 20% equity stake in COSCO SHIPPING Ports (Tianjin) Limited for a total consideration of approximately $49.29 million. The deal, which involves both shares and loan interests, is considered a connected transaction due to COSCO SHIPPING Ports being a subsidiary of the company’s indirect majority shareholder. While the acquisition is still subject to certain conditions, investors are advised to exercise caution when trading company securities.
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