Examples of CCT Agreements in a sentence
Pursuant to the New CCT Agreements, the Group shall engage in products procurement in respect of health supplements, commodities and food with the connected parties.
Therefore, TPG, TPL and TPR are connected persons of the Company under the Listing Rules and the transactions contemplated under the CCT Agreements constitute continuing connected transactions of the Company.
As certain subsidiaries of the Group have been using the properties historically, the Directors are of the view that it is in the interest of the Group in terms of cost, time and stability to enter into the above Renewed CCT Agreements instead of finding and relocating to alternative properties.
As the applicable percentage ratios in respect of the transactions contemplated under each of the CCT Agreements and the Supplemental Agreement are on an annual basis more than 0.1% but less than 5%, such transactions are subject to the reporting, annual review and announcement requirements, but exempt from the independent shareholders’ approval requirement under the Listing Rules.
Due to the operational needs of the Group, the Company expects that the existing annual caps for the year ending 31 December 2023 under the 2023 Existing CCT Agreements will be insufficient.