Shanghai Industrial Urban Development Group Ltd (HK:0563) has released an update.
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Shanghai Industrial Urban Development Group Ltd’s wholly-owned subsidiary has agreed to withdraw from a joint venture, receiving around RMB 3.15 million in the process. This move will result in the group no longer holding an equity interest in the venture. The deal is classified as a connected transaction due to shared control within the corporate structure, adhering to reporting requirements but exempt from further shareholder approval.
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