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SRE agrees to capital injection deal to restructure Shanghai project company

SRE Group Ltd. is restructuring a project company that it owns through a 150-million-yuan capital injection agreement signed after trading hours May 15.

Shangzhi Asset Management (Shanghai) Co. Ltd., a connected company, and Shanghai Yidong Investment Management Co. Ltd., a subsidiary of SRE, entered into the agreement that will change the 42.86/57.14 ownership structure of the project company to 60/40. Shanghai Yidong will sell a portion of its stake to Shangzhi Asset.

Target company Shanghai Lake Malaren Hospital Investment Co. Ltd. owns a 43,924-square-meter site in Shanghai, wherein a hospital is located. Hospital owner Shanghai Lake Malaren Obstetrical and Gynecological Hospital Co. Ltd. is a subsidiary of Shanghai Lake Malaren, according to filing.

Shanghai Yidong was also given a put option to buy out Shangzhi Asset in the project company, subject to certain conditions.

As of May 15, US$1 was equivalent to 6.38 yuan.