Brief: Shanghai Industrial Urban Development Group Updates On Disposal Of Stake In Unit

Shanghai Industrial Urban Development

02/11/2018 12:50

Nov 2 (Reuters) - Shanghai Industrial Urban Development
Group Ltd  0563.HK :
    * UPDATES ON DISPOSAL OF 67% EQUITY INTEREST IN A UNIT
    * ON 31 OCT UNIT RECEIVED A SUMMONS ISSUED BY COURT WITH A
STATEMENT OF COMPLAINTS FILED BY PURCHASER
    * IN STATEMENT OF COMPLAINTS, PURCHASER PLEADED COURT TO
GRANT
ORDERS THAT EQUITY TRANSFER AGREEMENT BE RESCINDED
    * IN STATEMENT OF COMPLAINTS, PURCHASER PLEADED COURT TO
GRANT
ORDERS THAT UNIT OF CO TO RETURN RMB191.1 MILLION
    * IN STATEMENT OF COMPLAINTS, PURCHASER PLEADED COURT TO
GRANT
ORDERS THAT UNIT OF CO TO RETURN RMB10 MILLION
    * AS AT NOV 2, CO IS SEEKING LEGAL ADVICE ON ACTION
    * CONSIDERS THAT ACTION HAS NO MATERIAL ADVERSE IMPACT ON
FINANCIALS AND OPERATIONS OF GROUP

Source text for Eikon:  ID:nHKSbGHPQM 
Further company coverage:  0563.HK 

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