Shui On Land (HKG:0272) subsidiaries, including Shui On LP, Bright Continental, and Top Victory, signed a cooperation agreement to restructure their investment holdings in project companies, according to a Tuesday filing on the Singapore Exchange.
This involves forming a limited partnership with with Ningbo Meishan Guo Yang Guo Sheng Investment Management Partnership and Shanghai Yangpu Knowledge Innovation Zone Investment and Development with a total subscribed capital of 8.13 billion yuan.
Under the agreement, Bright Continental will transfer its 86.8% equity interest in Shanghai Yang Pu Centre Development for about 4.71 billion yuan to the limited partnership, while Top Victory will transfer its 99% equity interest in Shanghai Knowledge and Innovation Community Development to the partnership for about 2.67 billion yuan.
The limited partnership will then own 99% of both Shanghai Yang Pu Centre Development and Shanghai Knowledge and Innovation Community Development, resulting in their removal from Shui On's financial statements.
The transactions require shareholder approval, which has been obtained in writing from shareholders representing over 50% of the issued capital.
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