China 21st Century Education Sells Subsidiary Stake

China 21st Century Education Group Limited (HK:1598) has released an update.

China 21st Century Education Group Limited has sold a 51% stake in one of its subsidiaries to a group of purchasers, with the deal resulting in the subsidiary no longer being a non-wholly owned subsidiary of the company. The transaction, worth RMB 13.50 million, is considered a discloseable and connected transaction under the Hong Kong Stock Exchange’s Listing Rules, and the payment will be made in cash. Though the deal involves connected persons, it was approved by the Board and deemed fair and reasonable by independent non-executive Directors, hence exempt from further shareholders’ approval.

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