Shaanxi Construction Engineering completes asset sale, extends commitment

Shaanxi Construction Engineering Group Co., Ltd. has announced the completion of an asset sale and connected transaction. This involved transferring accounts receivable totaling RMB 764,242.31 thousand to its controlling shareholder, Shaanxi Construction Engineering Holding Group Co., Ltd. The transaction, valued at RMB 728,521.03 thousand, was settled through a combination of assumption of payables and cash payment. The company states this aims to reduce accounts receivable management costs and improve asset operational quality.

Additionally, Shaanxi Construction Engineering announced an extension for its controlling shareholder’s commitment to avoid horizontal competition. The deadline for deregistering Huashan International Engineering Malaysia Sdn. Bhd. has been extended from December 31, 2025, to December 31, 2028. This extension is due to ongoing litigation.

Both the asset sale and the commitment extension have been approved by the company's board of directors and shareholders, with independent directors affirming their necessity and rationality. The company emphasizes these actions are in the best interest of the company and its shareholders.