The business of Northeastern Lion Sample Clauses

The business of Northeastern Lion. Northeastern Lion was established in the BVI on 23 November 2012. It holds 100% equity interest in City Globe and Denway Development, respectively. City Globe holds 75% equity interest in KP, and Denway Development holds 75% equity interest in KS and KKU respectively. As at 30 September 2012, there are outstanding shareholder loans with a total amount of approximately RMB139 million due from City Globe and Denway Development to Hanking Group. KP was duly established in Indonesia in January 2008 with a registered capital of Rp27,600,000,000 (approximately HK$22,148,216.5, pursuant to an exchange rate of HK$1=Rp1,246.15), which was held as to 75% by City Globe, 16.5% by PT Wira Perdana Konawe, and the remaining 8.5% by PT Sinindo Mining. KP holds a Production Operation IUP for nickel covering an area of 2,827 hectares with an initial term of 20 years ending on 11 March 2031 and may be extended for twice, each for a period of ten years. KS was duly established in Indonesia in May 2008 with a registered capital of Rp66,800,000,000 (approximately HK$53,605,103.7, pursuant to an exchange rate of HK$1=Rp1,246.15), which was held as to 75% by Denway Development, 16.5% by PT Wira Perdana Konawe, and the remaining 8.5% by PT Sinindo Mining. KS holds a Production Operation IUP for nickel covering an area of 1,923 hectares with an initial term of 20 years ending on 22 December 2029 and may be extended for twice, each for a period of ten years. KKU was duly established in Indonesia in January 2008 with a registered capital of Rp66,800,000,000 (approximately HK$53,605,103.7, pursuant to an exchange rate of HK$1=Rp1,246.15), which was held as to 75% by Denway Development, 16.5% by PT Wira Perdana Konawe, and the remaining 8.5% by PT Sinindo Mining. KKU holds a Production Operation IUP for nickel covering an area of 3,119 hectares with an initial term of 20 years ending on 14 December 2029 and may be extended for twice, each for a period of ten years. PT Wira Perdana Konawe and PT Sinindo Mining are both independent third parties to the Company as at the date of this announcement. According to the articles of associations of KS, KP and KKU respectively, the purposes and objectives of KS, KP and KKU are to engage in nickel ore mining businesses. To achieve such purposes and objectives, they can carry out the activities in nickel ore mining including general survey, exploration, feasibility study, construction, mining, processing and refinery as well as transportation and s...
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