Shareholders of Feiyang International Holdings Group (HKG:1901) will meet March 20 to vote on the proposed termination of a purchase contract by unit Zhejiang Feiyang International Travel Group, a Feb. 21 bourse filing said.
The unit had previously agreed to acquire a 60% equity stake in Zhejiang Feijiada Aviation Service from Ningbo Zhenhang Business Service.
Under the termination agreement, Zhejiang Feiyang International Travel Group will sell the 60% stake back to Ningbo Zhenhang Business as certain performance conditions for the acquisition failed to be fulfilled.
Shares of the company were down nearly 4% in recent trade.
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