REASONS AND BENEFITS. Due to the COVID-19 pandemic, securing good restaurant locations has become less competitive and the Board believes that opening new restaurants in high footfall traffic shopping malls such as the Elements is in line with the business strategy of the Group and is in the best interest of the Company and the Shareholders as a whole.
REASONS AND BENEFITS. The commercial factoring business is a principal business and a major income source of the Group. The Agreement is entered into by the Group in its ordinary course of business after arm’s length negotiations between the Group and the Borrower to provide a framework to regulate the provision of commercial factoring loans by the Group to the Borrower, to develop long term business relationship with the Borrower and can further develop the commercial factoring business of the Group. The Company believes that the revenue generated from the provision of commercial factoring loans to the Borrower can generate interest income for the Group. The Directors (including the independent non-executive Directors) consider that the Agreement is entered into by the Group in its ordinary course of business and the terms of the Agreement are normal commercial terms, fair and reasonable and in the interests of the Company and the Shareholders as a whole. As the highest of the applicable percentage ratios pursuant to Rule 14.07 of the Listing Rules in respect of the transactions contemplated under the Agreement is more than 5% but less than 25%, the entering into of the Agreement and the provision of Factoring Loans thereunder constitutes a discloseable transaction of the Company which is subject to the reporting and announcement requirements but exempted from the shareholders’ approval requirement under Chapter 14 of the Listing Rules.
REASONS AND BENEFITS. Although Hong Kong is still under certain social distancing measures imposed by the Hong Kong Government due to the COVID-19 pandemic and with the gradual increase in the vaccination rate, life is slowly returning to normal. With less competition in securing good locations, the Board believes that opening new restaurants in high footfall traffic shopping malls such as the TMTPlaza is in line with the business strategy of the Group and is in the best interest of the Company and the Shareholders as a whole.
REASONS AND BENEFITS. Although Hong Kong is still under certain social distancing measures imposed by the Hong Kong Government due to the COVID-19 pandemic, with a high vaccination rate, the Government is relaxing certain social distancing measures in phases. With less competition in securing good locations, the Board believes that opening new restaurants in high footfall traffic shopping malls such as the Wai is in line with the business strategy of the Group and is in the best interest of the Company and the Shareholders as a whole.
REASONS AND BENEFITS. As one of the key expansion strategies of the Group is to diversify mining resources, the laterite nickel ore acquisition from Harvest Globe represents an opportunity for the Group to further expand its current business by engaging in nickel production and sale business. Taking into account of the particular internal and external business environment, especially relevant technicians of the Group have gained extensive knowledge and experience of nickel production, the Group therefore intends to prudently follow the strategy of diversifying mining resources, and to flexibly seize the opportunity of developing quality mining resources including gold, nickel, and copper. The Group also believes that this strategy will further guarantee the healthy development of the Group. Based on the foregoing, the Directors (including the independent non-executive Directors) are of the view that the transactions contemplated under the Sale and Purchase Contract of Indonesia Laterite Nickel Ore are to be conducted on normal commercial terms and are fair and reasonable and in the interests of the Company and the Shareholders as a whole.
REASONS AND BENEFITS. As stated under “Prospects” of the Company’s announcement dated 27 March 2020 in relation to, amongst others, its annual results for the year ended 31 December 2019, in addition to the continued dedication in its existing businesses, the Group plans to further expand its coverage in the financial technology business in the area of “retail + finance”, in order to achieve continuous income growth. The initial scheme is to launch the extended warranty services business through utilising resources such as existing technology systems, information resources, risk management techniques and talent reserves. By expanding into the extended warranty services business, the Group aims at realizing income sources from areas such as risk spread, platform commission income and sharing of financial incomes. The Company believes that the entering into of the Extended Warranty Services Cooperation Agreement and the Extended Warranty Repair Cooperation Agreement represent an important milestone in the Group’s plan to implement its strategy as outlined above. The Company’s management takes the view that the one-off service fees payable to Gome Wangjin can cover the direct costs to be incurred by Xxxx Xxxxxxx for providing the extended warranty services. In reaching such a view, the management has considered the following: (i) the management’s analysis on the historical data of similar transactions available to the Company, which indicates that the direct costs to be incurred, including the repair and replacement costs and re-insurance costs, could be covered by the one-off service fees based on the historical data, and positive profits and cashflow can be generated for the Group; (ii) the management has performed sampling check on the historical data and made adjustments to the pricing list as appropriate to ensure that a suitable gross profit margin can be achieved; and (iii) given that the key function of risk management can be performed by the Group’s existing team, the Group could utilize its existing resources and expertise in the new business without incurring significant costs for new manpower. The positive profits and cash flow that may be generated for the Group from the business can help further expand the Group’s lending business. The Directors (excluding the independent non-executive Directors whose views will be given after taking into account the advice from the Independent Financial Adviser) are of the view that the Extended Warranty Services Cooperation Agreeme...
REASONS AND BENEFITS. Due to the impact of the COVID-19 pandemic, securing good restaurant locations has become less competitive and the Board believes that opening new restaurants in high footfall traffic shopping malls such as the New Town Plaza is in line with the business strategy of the Group and is in the best interest of the Company and the Shareholders as a whole. This will be the Group’s second Takano Ramen Restaurant. The first is located at the K11 MUSEA in Tsim Sha Tsui.
REASONS AND BENEFITS. Due to the protests which escalated from June 2019 and the COVID-19 pandemic, securing good restaurant locations has become less competitive and the Board believes that opening new restaurants in high footfall traffic shopping malls such as the New Town Plaza is in line with the business strategy of the Group and is in the best interest of the Company and the Shareholders as a whole.
REASONS AND BENEFITS. Following completion of the acquisition of the AIB-Held Shares under either the Expedited Call Option or the Expedited Put Option, the interest in TAB that the Company will be able to control will increase from approximately 57.5% to 77.9%. The Board is of the view that the Expedited Call Option and the Expedited Put Option represent a good opportunity for the Company to accelerate its plan to increase its interest in TAB and further develop its business in beverage products. The Directors (including the independent non-executive Directors) consider that the transactions contemplated under the Supplemental Agreement are concluded after arm’s length negotiations, on normal commercial terms and are in the interests of the Company and the Shareholders as a whole.
REASONS AND BENEFITS. Following completion of the acquisition of the AIB-Held Shares, the interest in TAB that the Company will be able to control will increase from 57.5% to 77.9%. The Board is of the view that the exercise of the Call Option represents a good opportunity for the Company to increase its interest in TAB. The Directors (including the independent non-executive Directors) consider that the transactions contemplated under the Agreement are concluded after arm’s length negotiations, on normal commercial terms and are in the interests of the Company and the Shareholders as a whole.
