REASONS FOR AND BENEFITS OF ENTERING INTO THE TENANCY AGREEMENT. The Group is principally engaged in (i) provision of medical and dental services in Hong Kong; (ii) managing healthcare networks and provision of third party medical network administrator services in Hong Kong; (iii) provision of medical and dental services in the PRC, provision of hospital management and related services in the PRC; (iv) trading of listed securities and leasing of properties; and (v) provision of miscellaneous healthcare related services. The Premises being rented under the Tenancy Agreement will be used by Jinan Likang for the operation of a health management centre (“Centre”) in Jinan City, Shandong Province in the PRC. The Group can develop a good starting point of setting up a chain health management centre in the PRC. The Tenancy Agreement allows a close collaboration between the Group and China Life Group in that China Life Group could channel their customers to the Centre for health management and related medical services. As the Centre is situated in China Life Group’s headquarters in Jinan City, Shandong Province, the Group could jointly organize promotional events and activities with China Life Group directly, and get into contact with China Life Group’s agents and clients. As such, the Group could attract good number of clientele from China Life Group to the Centre which is important in developing the Group’s health services business in the PRC. On the other hand, by offering various health management services to China Life Group’s clients, the Group could offer added benefits to China Life Group’s clients which would help enhance their loyalty to China Life Group and also improve the claim ratio of China Life Group’s clients. The rental payable under the Tenancy Agreement is determined after arm’s length negotiations with reference to the valuation of independent valuers of the market rental chargeable in respect of the Premises. The payment of the rental and the premises service fee under the Tenancy Agreement will be funded by internal resources of the Group. The Directors (including the independent non-executive Directors but excluding the Interested Directors) are of the view that as far as the shareholders of the Company are concerned, the Tenancy Agreement is entered into in the ordinary course of the Group’s business, on normal commercial terms, fair and reasonable and in the interests of the Company and its shareholders as a whole. Save that the Interested Directors have abstained from voting on the Board resolutions i...
REASONS FOR AND BENEFITS OF ENTERING INTO THE TENANCY AGREEMENT. The Directors are of the view that the entering into of the Tenancy Agreement by DMSL with First Touch will allow the Group to use an office premises located at the core business area of Hong Kong at fair market price, which is advantageous to the Group. The monthly rent payable under the Tenancy Agreement was determined after arm’s length negotiations between DMSL and First Touch by reference to the prevailing market rent for comparable properties. The Directors (including the independent non-executive Directors) consider that the entering into of the Tenancy Agreement is in the ordinary and usual course of business of the Group and the terms thereof and the annual caps for the transaction contemplated thereunder are fair and reasonable, on normal commercial terms and in the interests of the Company and its shareholders as a whole. INFORMATION ON DMSL, THE GROUP AND FIRST TOUCH DMSL is an indirect wholly-owned subsidiary of the Company. The Group is principally engaged in property investment and development. First Touch is a company incorporated in the British Virgin Islands and is principally engaged in property investment.
REASONS FOR AND BENEFITS OF ENTERING INTO THE TENANCY AGREEMENT. With respect to the Group’s commodities supply chain business, it has been continuously put forward its globalization strategy of commodities procurement and sales. Japan is an important country for the Group’s commodities supply chain business. The transaction contemplated under the Tenancy Agreement is intended to provide convenience for our employees’ business trips in Japan with a view to accommodate their needs in business development. The Directors (including the independent non-executive Directors) consider that the terms of the Tenancy Agreement are entered into in the ordinary course of business of the Group and on normal commercial terms, are fair and reasonable and are in the interests of the Company and the Shareholders as a whole. None of the Directors has any material interest in the Tenancy Agreement and was required to abstain from voting on the Board resolution in relation to the transaction contemplated under the Tenancy Agreement.
REASONS FOR AND BENEFITS OF ENTERING INTO THE TENANCY AGREEMENT. The Group is principally engaged in operating restaurants and providing membership services for the Group’s restaurants in Hong Kong. The Tai Ping Premises have been rented to Luck Wealthy since 1 December 2013 to operate the Group’s restaurant “000 Xxxxxxxx Xxxx”. As the existing tenancy agreement in relation to the Tai Ping Premises has been terminated since 31 August 2021, the Group renewed the leasing of the Tai Ping Premises for a term of three years under the Tenancy Agreement with a view to continuing the Group’s present usage purpose of the Tai Ping Premises. Due to nature of its restaurant business in Hong Kong, the Group has to enter into tenancy agreements for leasing of premises from time to time. It would be beneficial to lease the Tai Ping Premises as it will enable the Group to secure its stable operation at the Tai Ping Premises without incurring additional costs and expenses in identifying, renovating and relocating to other restaurants and ensure that there will be no disruption to the operations, business and growth of the Group. The consideration under the Tenancy Agreement was determined after arms’ length negotiation between Luck Wealthy and Fusun Enterprises after taking into account the prevailing market rent and lease terms of similar premises in the proximity of the Tai Ping Premises. The consideration is expected to be funded through the internal resources of the Group. Based on the above, the Directors are of the view that the entry of the Tenancy Agreement is in the ordinary and usual course of business of the Group, and the terms and conditions thereof are fair and reasonable and in the interests of the Company and its shareholders as a whole.
REASONS FOR AND BENEFITS OF ENTERING INTO THE TENANCY AGREEMENT. The Premises are held by Miramar group as investment for rental purposes. The Premises provide established infrastructure and incidental facilities which serve as a desirable location for the healthcare/medical/beauty centre. The Directors (including the independent non-executive Directors) are of the opinion that the Tenancy Agreement (including the annual caps thereunder) was (i) entered into in the ordinary and usual course of business of the Group; (ii) on normal commercial terms; and
REASONS FOR AND BENEFITS OF ENTERING INTO THE TENANCY AGREEMENT xXxxx entered into the Tenancy Agreement to lease the Premises so as to provide accommodation to Xx. Xxxx (and his family), pursuant to the service contract entered into between iAsia and Xx.
REASONS FOR AND BENEFITS OF ENTERING INTO THE TENANCY AGREEMENT. The Group is principally engaged in operating restaurants and providing membership services for the Group’s restaurants in Hong Kong. The food and beverage business in Hong Kong is facing a very challenging period amid the outbreak of covid-19 since January 2020, which has seriously affected consumers’ sentiment and the number of both local customers and tourists. That said, the Directors are of the view that the challenges also presented an opportunity to the Group to introduce new dining concepts at a relatively lower cost, and lay the foundation for future growth in the medium to long term. The Premises, located in the heart of Central, will house the Group’s new restaurant tentatively named “REN”, which is expected to feature European cuisine merged with Japanese influences. “REN” will offer a fine dining menu that will reflect the chefs’ extensive international cooking experiences while paying homage to their core roots. The Directors believe that the addition of “REN” to the Group’s restaurant network will enrich the fine dining experience of its patrons, reinforce the Group’s multibrand strategy, and strengthen the Group’s position as a well- established restaurant group in Hong Kong. Based on the above, the Directors are of the view that the entry of the Tenancy Agreement and the terms and conditions thereof are fair and reasonable and in the interests of the Company and its shareholders as a whole.
REASONS FOR AND BENEFITS OF ENTERING INTO THE TENANCY AGREEMENT. The Group is principally engaged in resort and property development, property investment and investment holding. The Company started to sub-divide units of the investment property at the whole 24th floor of Tower One, Lippo Centre, Xx. 00 Xxxxxxxxx, Xxxx Xxxx in October 2018 and completed such sub-division in February 2019. The Board intends to lease and/or sell the Group’s investment property at Lippo Centre in sub-divided units with their prevailing market prices. The Board believes that entering into the Tenancy Agreement will generate stable rental income and contribute satisfactory returns to the Group. In view of the above, the Directors (including the independent non-executive Directors) are of the view that (i) the Tenancy Agreement has been entered into in the ordinary and usual course of business of the Group; (ii) the terms of the Tenancy Agreement, including the annual cap, are fair and reasonable and are on normal commercial terms or better; and (iii) the transaction contemplated under the Tenancy Agreement is in the interests of the Company and its shareholders as a whole.
REASONS FOR AND BENEFITS OF ENTERING INTO THE TENANCY AGREEMENT. The premises under the Tenancy Agreement are used as office for the tenant in the ordinary course of business. The terms of the Tenancy Agreement are arrived at after arm’s length negotiation and the rent is with reference to the prevailing market rent of similar comparable properties in the nearby areas. The Directors (including independent non-executive Directors but excluding Xx. Xx Yanjun and Xx. Xx Ziwei who abstained from voting at the Board resolution) considered that the terms of the Tenancy Agreement are entered into on normal commercial terms, in the ordinary and usual course of business of the Group and are fair and reasonable and in the interests of the Company and its shareholders as a whole.
REASONS FOR AND BENEFITS OF ENTERING INTO THE TENANCY AGREEMENT. The Company as tenant had entered into the Previous Tenancy Agreement with Tai Sang Bank as landlord in relation to the leasing of the Premises for a term of two years from 15 April 2017 to 14 April 2019 for use as its office. As the Previous Tenancy Agreement shall expire on 14 April 2019, the Tenancy Agreement is entered into for the purpose of renewing the existing tenancy in respect of the Premises. Such renewal of tenancy will enable the Company to save on relocation and the relevant administration costs and also agency fees. The terms of the Tenancy Agreement were negotiated on an arm’s length basis and the rental chargeable under the Tenancy Agreement was determined after taking into account the valuation of an independent valuer on 29 March 2019 in connection with the market rental chargeable in respect of the Premises on the existing use basis as well as the monthly rental per sq. ft. which Tai Sang Bank currently charges other tenants of the Building. The Directors (including the independent non-executive Directors) consider that the Tenancy Agreement is entered into in the ordinary and usual course of business of the Company, and its terms are on normal commercial terms and are fair and reasonable, and are in the interests of the Company and its shareholders as a whole. CONTINUING CONNECTED TRANSACTION Xxx Xxxx & Co is a company in which the executive Directors together with their family members and companies controlled by them can exercise or control the exercise of more than 50% of the voting power at its general meetings and is therefore a connected person of the Company. It is also a connected person of the Company by virtue that it is a substantial shareholder directly or indirectly interested in more than 30% of the total number of issued shares of the Company. As more than 30% of the total number of the issued shares of Tai Sang Bank is held by a wholly-owned subsidiary of Xxx Xxxx & Co, Xxx Xxxx Bank is an associate of Xxx Xxxx & Co and therefore a connected person of the Company. Further, Tai Sang Bank is also a deemed connected person of the Company by virtue that the executive Directors together with their relatives and companies controlled by them can exercise or control the exercise of more than 50% of the voting power at general meetings of Tai Sang Bank. Accordingly, the Tenancy Agreement constitutes a continuing connected transaction of the Company for the purpose of the Listing Rules. In light of the executive Directors’ interes...
