China Vanke (HKG:2202, SHE:000002) said Onewo Business Enterprise Space Technology has signed an agreement to acquire the remaining 55% equity interest in real estate developer and property manager Shanghai Xiangda from Shanghai Vanke Investment, according to a Monday filing with the Hong Kong bourse.
Onewo Business Enterprise Space Technology is a wholly-owned subsidiary of Onewo Inc. (HKG:2602), while Shanghai Vanke Investment is a wholly-owned subsidiary of China Vanke, which in turn is the controlling shareholder of Onewo Inc.
Upon completion, China Vanke will own 100% of Shanghai Xiangda, consolidating its financial results. The 870.3 million yuan transaction constitutes a connected transaction under Hong Kong's listing rules and requires shareholder approval.
An independent board committee was formed, and a general meeting will be held. The final purchase price will be adjusted based on financial statements at closing. Further details will be provided in a shareholder circular expected by April 30.
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