BAIOO Family Interactive (HK:2100) has released an update.
BAIOO Family Interactive has renewed its agreement with Tencent Group for cloud services, effective from July 25, 2024, to July 24, 2025. The renewed contract ensures the company’s continued purchase of Tencent Cloud services at a negotiated discount of 20% to 55% from published rates. This move is significant as Tencent holds an 11.35% stake in BAIOO, making the deal fall under continuing connected transactions with reporting and review obligations, but exempt from shareholder approval.
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