Shanghai Electric Group Company (HK:2727) has released an update.
Shanghai Electric Group Company Limited has announced the approval of a compensation agreement for the expropriation of two properties owned by its subsidiary, Shanghai Mechanical & Electrical Industry Co., Ltd., totaling RMB202,369,898. The properties, located on Wanhangdu Road in Shanghai, will be acquired by local government authorities with no objections from the board, which voted unanimously in favor. The deal is noteworthy as it does not qualify as a major asset restructuring or a connected transaction.
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