Sitoy Group Renews Lease with Chairman’s Firm

Sitoy Group Holdings Limited (HK:1023) has released an update.

Sitoy Group Holdings Limited has announced the renewal of a tenancy agreement with Maxon, directly owned by the company’s chairman, for a residential unit in Kowloon, Hong Kong. The lease is set for three years, beginning July 1, 2024, at a monthly rent of HK$200,000, determined through arm’s length negotiations considering current market rates. This connected transaction, which requires the recognition of a right-of-use asset valued at approximately HK$6,763,000, falls within reporting requirements but does not need a shareholder vote.

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