Sitoy Group Holdings Limited (HK:1023) has released an update.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
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.
For further insights into HK:1023 stock, check out TipRanks’ Stock Analysis page.