Shede Spirits acquires property from parent, plans stock buyback

Shede Spirits (SSE:600702) is set to purchase residential and commercial properties from its controlling shareholder, Tuopai Shede Group, for CNY 56.7 million. This includes 530 residential units and 8 commercial properties located in Shehong City, planned for employee accommodation and tourist facilities. To facilitate this deal, the company's board has approved the buyback and cancellation of 363,562 shares at a price of CNY 69.04 per share from employees who have left the company or failed to meet performance targets. This action will reduce the total share capital from 33,312,2441 shares to 33,275,8879 shares, prompting a notice to creditors. The company believes both measures will improve operational efficiency and shareholder value.