Jia Yao Holdings Limited (HK:1626) has released an update.
Jia Yao Holdings Limited has reached an agreement to sell a 70% stake in the Target Company for RMB 115 million, which will result in the Target Company no longer being a subsidiary. This major transaction is subject to shareholders’ approval, with the added note that the purchaser is already a substantial shareholder and a connected person, thereby simplifying the approval process. Shareholders’ consent for the sale will be secured via written approval rather than a general meeting.
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