Beijing Jingcheng Machinery Electric Co Ltd Class H (HK:0187) has released an update.
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Beijing Jingcheng Machinery Electric Co Ltd has announced the approval of related party transactions involving its wholly-owned subsidiaries, Tianhai Industry and Tianhai Hydrogen, with related parties B&WBC and Peitian Company respectively. These transactions include the purchase of storage tanks and automation equipment and have been greenlighted by the company’s board of directors and supervisory committee. Since these transactions did not meet the threshold for major asset restructuring, they are exempt from shareholder meeting approval and authority clearance.
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