Shanghai Industrial Holdings (HK:0363) has released an update.
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Shanghai Industrial Holdings has entered into a significant leasing agreement with Shanghai Huanyu for a property in Shanghai’s Xuhui District, to be used as office space. The deal, which is connected due to shared substantial ownership, involves an initial five-year term with a renewal option, and the rent is set at over 16 million RMB annually excluding additional fees. Despite the connected nature of the transaction, it has been deemed fair and reasonable by independent directors and complies with listing rules, requiring only reporting and announcement without the need for shareholder approval.
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