New Silkroad Culturaltainment Ltd. (HK:0472) has released an update.
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New Silkroad Culturaltainment Ltd. has announced a major transaction involving the cash sale of its entire issued share capital in a subsidiary for RMB130 million, approximately HK$142.4 million. The disposal will result in the subsidiary ceasing to be part of the company’s consolidated financial statements. Shareholder approval was bypassed with written consent from the controlling shareholder, Macrolink Land, negating the need for a general meeting.
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