Shougang Century Seeks Independent Shareholder Approval for New Finance Services Deal with Shougang Finance

An announcement from Shougang Concord Century Holding Ltd. ( (HK:0103) ) is now available.

Shougang Century Holdings Limited has entered into a new finance services agreement with Shougang Finance, a wholly owned subsidiary of its controlling shareholder Shougang Group, for the provision of deposit and settlement services to the group. The transactions under this agreement are classified as continuing connected transactions under Hong Kong’s listing rules, with applicable percentage ratios exceeding 5%, triggering reporting, annual review, announcement, circular and independent shareholders’ approval requirements. To address governance and conflict-of-interest concerns, the company has formed an independent board committee and appointed Trinity Corporate Finance Limited as independent financial adviser, while directors connected with Shougang Group abstained from the relevant board vote and Shougang Group and its associates, holding about 46.64% of issued shares, will abstain from voting at the upcoming general meeting, where independent shareholders will be asked to approve the agreement.

The most recent analyst rating on (HK:0103) stock is a Hold with a HK$3.00 price target. To see the full list of analyst forecasts on Shougang Concord Century Holding Ltd. stock, see the HK:0103 Stock Forecast page.

More about Shougang Concord Century Holding Ltd.

Shougang Century Holdings Limited is a Hong Kong–incorporated company listed on the Stock Exchange of Hong Kong. It is part of the wider Shougang Group, which is a controlling shareholder and provides group-related financial and other services through its subsidiaries, including Shougang Finance.

Average Trading Volume: 251,019

Technical Sentiment Signal: Buy

Current Market Cap: HK$1.67B

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