Shougang Concord Grand (Group) Limited (HK:0730) has released an update.
Shougang Concord Grand’s subsidiary, South China Leasing, has entered into a factoring agreement with a financing bank for a maximum of RMB200 million to support its 3C product finance leasing business. This major transaction will involve the transfer of creditor’s rights and will not affect the group’s financial statements, as there will be no gain or loss recorded. Shareholder approval has been obtained, negating the need for a general meeting.
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