Summary by Moomoo AI
On July 2nd, 2024, KWG Group (Stock Code: 1813) announced that its wholly-owned subsidiary, Guangzhou Junzhao Property Management Co., Ltd., has renewed its property lease agreement with Guangzhou Kaichuang Business Investment Group Co., Ltd., which will extend the lease term expiring on May 31, 2024 until the end of 2025. The transaction involves commercial properties located in Guangzhou, with a total built-up area of approximately 1,612.31 square meters, for office space use. The transaction terms include monthly rent prepayment and setting the annual rent ceiling for 2024 and 2025. As our executive director and CEO, Mr. Kong indirectly holds 100% of the lessee's equity, this transaction constitutes a continuing connected transaction. However, in accordance with the Listing Rules, the transaction percentage is less than 5% and is therefore exempt from independent shareholder approval. The Board of Directors believes that the transaction terms are fair and reasonable, in line with the interests of the company and shareholders.
