Million Cities Holdings Ltd. (HK:2892) has released an update.
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Million Cities Holdings Limited has entered into a major transaction involving the deemed disposal of its subsidiary through a subscription agreement with Fortune Speed, resulting in the dilution of Million Cities’ interest in the subsidiary from 100% to 1%. The deal, which is subject to shareholder approval, will transform the subsidiary from a wholly-owned entity to one that is 99% owned by Fortune Speed, which is connected to the Company’s controlling shareholder. An Extraordinary General Meeting (EGM) will be held for independent shareholder voting, with Fortune Speed abstaining due to its significant ownership stake in Million Cities Holdings.
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