HKG:0723

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Reliance Global Pays Refundable Deposit for Stake in Automotive Interior Firm; Shares Up 2%

Reliance Global Holdings (HKG:0723) has placed a 10 million yuan refundable deposit to potentially acquire a controlling stake in Beijing Zhongran Novel Innovative Technology, under a previously signed memorandum of understanding with the seller, according to a Tuesday bourse filing.The wood-supplying and money-lending company said its unit made the deposit for a 51% stake in the entity currently controlled by the seller, Guo Yanqing. If the stake acquisition is completed, the move would diversify Reliance's revenue stream and help the business grow by tapping into the automotive interior market.Reliance shares are up 2% on the HKEX in Wednesday afternoon trading.

HKG:0723

Asia89d ago

Reliance Global Forecasts Turnaround to Fiscal-Year Profit

Reliance Global (HKG:0723) expects attributable profit of up to HK$45 million for the year ended March 31, compared with a loss of HK$17 million a year prior, according to a Thursday Hong Kong bourse filing.The forest-product and lending company attributed the forecast to a net fair value gain on financial assets and net gain on the disposal/redemption of financial assets at fair value through profit and loss.

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