Shimao Services Holdings Limited (HK:0873) has released an update.
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Shimao Services Holdings Limited is acquiring the remaining 33% equity interest in its environmental sanitation services subsidiary in China, transitioning it to a wholly-owned subsidiary. The acquisition price of RMB83,159,000 reflects a substantial discount due to the subsidiary’s underperformance and unmet profit targets. This deal underscores Shimao’s strategic move to strengthen control and improve management after a challenging period for the subsidiary.
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