Shougang Concord Century Holding Ltd. (HK:0103) has released an update.
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Shougang Century Holdings Ltd. has entered into a Patent License Agreement with Bekaert, allowing its subsidiaries, Tengzhou Eastern and Jiaxing Eastern, to manufacture and sell licensed steel cord products. Due to increased sales, the royalties for 2024 are expected to surpass initial exemptions, prompting the company to set an annual cap of RMB3.5 million. This transaction falls under connected transaction rules but remains exempt from independent shareholder approval.
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