Kasen International Holdings Ltd. (HK:0496) has released an update.
Kasen International Holdings Ltd. has entered into a 99-year lease agreement with Koh Kong Zhejiang for industrial land in Cambodia, where they plan to construct and operate a factory for upholstered furniture manufacturing. The lease has a renewal option for another 99 years for a nominal fee, and the deal falls below the 5% threshold for shareholder approval according to Listing Rules. The agreement includes a structured payment schedule for the lease, totaling US$1,983,735.
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