Examples of COFCO Finance in a sentence
Since the Loan Services are on normal commercial terms (or better to the Group) where no security over the assets of the Group will be granted in respect of the financial assistance given by COFCO Finance, the Loan Services are exempt from the reporting, announcement and Independent Shareholders’ approval requirements pursuant to Rule 14A.90 of the Listing Rules.
With respect to COFCO Finance, a risk management committee and an independent audit department have been established.
In order to ensure that the pricing terms of individual transactions under the Deposit Services, the Loan Services, the Entrustment Loan Services and the Other Financial Services will be made in accordance with the pricing principles as stated above, the Group and COFCO Finance shall carry out the measures below: With respect to the Group, an internal integrated assessment mechanism on the deposit and lending rates, handling fees and other services fees will be established based on fair market principle.
Accordingly, the Board announces that the Company (or its subsidiary) entered into the New Agreements with COFCO, COFCO Finance, COFCO Sunshine or Bapton (as the case may be) on 23 November 2018 to renew the Existing Agreements.
In determining the handling fees of Entrustment Loan Services and the handling fees and other services fees of Other Financial Services, the Company will seek the rates quotation from the Major PRC Commercial Banks in advance in comparison with the rates charged by COFCO Finance.
An independent financial adviser will be appointed by the Company to advise the Independent Board Committee and the Independent Shareholders in respect of 2018 Mutual Supply Agreement (including the proposed annual caps) and the conditional Deposit Services (including the Proposed Deposit Cap) to be provided by COFCO Finance pursuant to the 2018 Financial Services Agreement.
The contingent plans include the compensation from COFCO Finance to the Group during subsequent Deposit Services and Loan Services and the adjustment of interest rates by COFCO Finance which should be consistent with the requirements on interest rates under 2018 Financial Services Agreement.
Prior to placing deposits to or requesting loans from COFCO Finance, the Company will seek the interest rates quotation from the Major PRC Commercial Banks to make the strategic decisions on the deposits and loans financial services, to ensure that the interests rates offered by COFCO Finance will not be worse than the standard rates promulgated by PBC or the interest rates offered by the Major PRC Commercial Banks for the same type of deposit and loan services of the same period.
For example, an analysis and assessment will be conducted between (1) the deposit and lending rates offered by COFCO Finance; and (2) the rates offered by the Major PRC Commercial Banks to the Group regularly.
The Independent Board Committee comprising all independent non-executive Directors has been established to advise the Independent Shareholders as to the fairness and reasonableness in respect of the 2018 Mutual Supply Agreement (including the proposed annual caps) and the conditional Deposit Services (including the Proposed Deposit Cap) to be provided by COFCO Finance pursuant to the 2018 Financial Services Agreement.