CSMall Group Limited (HK:1815) has released an update.
CSMall Group Limited has announced the purchase of a 51% equity interest in an unnamed target company, which will result in the target becoming an indirect non-wholly-owned subsidiary of both CSMall and its controlling shareholder, China Silver Group Limited. The deal, valued at RMB2,550,000, will lead to the consolidation of the target’s financial results into the accounts of both CSMall and China Silver. This transaction is classified as a connected transaction due to familial and business relationships between the companies’ directors, yet it doesn’t require shareholder approval as it falls below the 5% threshold for such transactions according to the Listing Rules.
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