LISTING RULES IMPLICATION. The GRGC is the largest Shareholder of the Company and owns an aggregate of 37.12% of the issued share capital of the Company. The CRC is the de facto controller of the GRGC. Pursuant to the Proposal and the Reply, the corporate function together with the underlying assets, liabilities and personnel of the Former MOR are transferred to the CRC. Upon the completion of all the necessary formalities and procedures in connection with the Reform, the CRC will be regarded as a connected person of the Company under the Listing Rules from 1 January 2017, and the transactions between the CRC Group Companies and the Group Companies under the Comprehensive Services Framework Agreement will constitute continuing connected transactions of the Company under the Listing Rules. As one or more of the applicable Percentage Ratios in respect of the Continuing Connected Transactions exceed 5%, the Continuing Connected Transactions will constitute continuing connected transactions of the Company under Chapter 14A of the Listing Rules, and be subject to the reporting, annual review, announcement and Independent Shareholders’ approval requirement pursuant to Chapter 14A of the Listing Rules. The Directors (excluding the independent non-executive Directors whose views will be given after taking into account the advice from the IFA) consider that the Comprehensive Services Framework Agreement is entered into in the usual and ordinary course of business of the Group, is negotiated on an arm’s length basis and on normal commercial terms or on terms no less favorable than those available to or from independent third parties under prevailing local market conditions. The Continuing Connected Transactions and the Proposed Annual Caps are fair and reasonable and in the interests of the Group and the Shareholders as a whole. The Company will comply with the relevant provisions under Chapter 14A of the Listing Rules in the event that the aggregate service fees under the Comprehensive Services Framework Agreement shall exceed the Proposed Annual Caps or that there is any material amendment to the terms of the Comprehensive Services Framework Agreement. Xx. Xx Xxxx, Mr. Sun Jing, Xx. Xx Zhiming and Xx. Xxxx Xxxxxxxx were considered to have material interests in the transactions contemplated under the Comprehensive Services Framework Agreement by virtue of being employed by GRGC and had thus abstained from voting on the Board resolutions in respect of the foregoing transaction. Save as disclo...
LISTING RULES IMPLICATION. As at the date of this announcement, Jinran China Resources is held as to 51% by Tianjin Gas, which is the controlling shareholder of the Company, holding approximately 70.55% of the issued shares of the Company. Jinran China Resources is hence a connected person of the Company, and the entering into of the 2021 Gas Supply Contract between Jinran China Resources and the Company constitutes a continuing connected transaction of the Company under Chapter 14A of the Listing Rules. As the highest applicable percentage ratio (as defined under Rule 14.07 of the Listing Rules) for the annual cap for the 2021 Gas Supply Contract exceeds 5%, the 2021 Gas Supply Contract is subject to, inter alia, the Independent Shareholders’ approval, reporting, annual review and announcement requirements under Chapter 14A of the Listing Rules. Pursuant to Rule 14A.54 of the Listing Rules, the Company must re-comply with the announcement and shareholders’ approval requirements before it proposes to effect a material change to its terms, accordingly, the Supplemental Agreement, which serve to amend the 2021 Gas Sourcing Price, is subject to the Independent Shareholders’ approval and announcement requirements under Chapter 14A of the Listing Rules. The Company will appoint an independent financial adviser to advise the Independent Board Committee and the Independent Shareholders on the Supplemental Agreement. A circular containing, inter alia, (i) further details of the Supplemental Agreement, (ii) the advice from the Independent Board Committee to the Independent Shareholders; (iii) the advice from the independent financial adviser of the Company to the Independent Board Committee and Independent Shareholders in relation to the Supplemental Agreement; and (iv) the notice convening the EGM, is expected to be despatched to the Shareholders within 15 business days from the date of this announcement. Tianjin Gas and its associates will abstain from voting in connection with the Supplemental Agreement at the aforesaid EGM. 資(Ti集an團jin有E限ner公gy司Group Finance Co., Limited*), an indirect non wholly-owned subsidiary of 天津能源投
LISTING RULES IMPLICATION. The transactions contemplated under the (1) the Sale and Purchase Agreement, (2) the Finance Lease Agreement, and (3) the Consultancy Agreement form a transaction for the Company. As one or more of the applicable percentage ratios as defined in Rule 14.06 of the Listing Rules for such transaction are more than 5% or more, but all are less than 25%, such transaction will constitute a discloseable transaction for the Company pursuant to Rule 14.06(2) of the Listing Rules.
LISTING RULES IMPLICATION. PetroChina Beijing Gas Pipeline is a non-wholly owned subsidiary of the Company and ceased to be an insignificant subsidiary of the Company in 2016. Beijing Gas is a substantial shareholder (as defined under the Listing Rules) of PetroChina Beijing Gas Pipeline (holding 40% of the issued share capital of PetroChina Beijing Gas Pipeline) and is a connected person (as defined under the Listing Rules) of the Company. Therefore, the transactions under the Products and Services Agreement constitute continuing connected transactions of the Company under Chapter 14A of the Listing Rules. Since one or more of applicable percentage ratios for the transactions under the Products and Services Agreement under the Listing Rules are more than 0.1% but less than 5%, the transactions under the Products and Services Agreement re subject to the reporting, announcement and annual review requirements but are exempted from the circular and independent shareholders’ approval requirements under Chapter 14A of the Listing Rules. None of the Directors has any material interest in the Products and Services Agreement and none of them has abstained from voting on the Board resolution.
LISTING RULES IMPLICATION. As the highest applicable percentage ratio (as defined in the Listing Rules) in respect of the Disposal is more than 5% but less than 25%, the Disposal constitutes a discloseable transaction of the Company under Chapter 14 of the Listing Rules and is subject to the notification and announcement requirements under the Listing Rules.
LISTING RULES IMPLICATION. As at the date of this announcement, the Landlord is indirectly owned by (i) Xx. Xxxx, Xxx-xxx (an executive Director and a trustee of the substantial shareholders of the Company (who are her minor children)), both in her capacity as a trustee of her minor children and in her own capacity; and (ii) a family trust of Xx. Xxx, Xxxx-xxx (a non-executive Director and the chairman of the Board), hence the Landlord is a connected person of the Company. Therefore, under Chapter 14A of the Listing Rules, the entering into of the Tenancy Agreement and the Rental Payment thereof constitute a connected transaction for the Company, and the Service Payment and the Fit- out Administration Fee Payment thereof constitute continuing connected transaction for the Company. Given that (i) certain applicable percentage ratios in respect of the value of the right-of-use asset under the Tenancy Agreement, when aggregated with the Right-of-Use Asset Value under the Previous Tenancy Agreements, exceed 0.1% but less than 5%; and (ii) certain applicable percentage ratios in respect of the largest aggregated amount of the Charges Cap and the Previous Charges Cap exceed 0.1% but less than 5%, the Tenancy Agreement and the transactions contemplated thereunder are exempt from the independent shareholders’ approval requirement, but are subject to the reporting, announcement and (to the extent constituting continuing connected transaction for the Company) annual review requirements under Chapter 14A of the Listing Rules. Having considered (i) the interest of Xx. Xxxx, Xxx-xxx and Xx. Xxx, Xxxx-xxx in the Landlord as disclosed above; and (ii) Xx. Xxxx, Xxx-xxx, Xx. Xxx, Xxxx-xxx and Xx. Xxxx, Xxx-xxx are directors of the Landlord, Xx. Xxxx, Xxx-xxx, Xx. Xxx, Xxxx-xxx and Xx. Xxxx, Xxx-xxx are considered to have interests in the Tenancy Agreement (and the transactions contemplated thereunder). In addition, Xx. Xxxx, Xxx-xxx is an associate of Xx. Xxxx, Xxx-xxx and Xx. Xxxx, Xxx-xxx; and Ms. Xxx Xxx, Xxx-xxx is a relative of Xx. Xxxx, Xxx-xxx and Xx. Xxx, Xxxx- xxx. Therefore, each of the above Directors, if presents at the meeting, has abstained from voting on the resolutions of the Board approving the Tenancy Agreement and the transactions contemplated thereunder. Save as disclosed above, to the best of the Directors’ knowledge having made all reasonable enquiries, no other Directors has a material interest in the Tenancy Agreement (and the transactions contemplated thereunder) and thus wa...
LISTING RULES IMPLICATION. As one or more of the applicable percentage ratios in respect of the transaction contemplated under the Purchase Agreement is more than 5% but less than 25%, the transaction contemplated under the Purchase Agreement constitutes a discloseable transaction of the Company and is subject to the reporting and announcement requirements under Chapter 14 of the Listing Rules.
LISTING RULES IMPLICATION. As the applicable percentage ratio in respect of the Construction Agreement is more than 5% but less than 25%, the transaction contemplated under the Construction Agreement constitutes a discloseable transaction under Chapter 14 of the Listing Rules.
LISTING RULES IMPLICATION. As one or more of the applicable percentage ratios in respect of the transaction contemplated under the Capital Increase Agreement calculated in accordance with the Rule 14.07 of the Listing Rules are more than 5% but less than 25%, the transaction constitutes a disclosable transaction of the Company under the Listing Rules and is subject to the reporting and announcement requirements.
LISTING RULES IMPLICATION. Pursuant to a shareholders’ agreement dated 30 December 2018 entered into between Plus Earn, Right Rich and Peace Kind, each of Plus Earn, Right Rich and Peace Kind was deemed to have interest in the shares and/or underlying shares in KWG Holdings held by the other parties under Section 317(1)(a) of the SFO. Thus, as at the date of this announcement, Mr. XXXX Xxxxxxx, Mr. XXXX Xxxxxxx and Mr. XXXX Xxxxxxx are deemed to be interested in approximately 62.64%, 53.42% and 53.35% of the issued share capital of KWG Holdings, respectively. Mr. XXXX Xxxxxxx, Mr. XXXX Xxxxxxx and Mr. XXXX Xxxxxxx are the Controlling Shareholders. Therefore, KWG Holdings is an associate of the Controlling Shareholders and thus a connected person of the Company. Accordingly, the transactions under the Framework Agreements will constitute continuing connected transactions for the Company. Each of Mr. XXXX Xxxxxxx and Mr. XXXX Xxxxxxx has abstained from voting on the relevant resolutions of the Board in relation to the Framework Agreements and the transactions contemplated thereunder. Saved as disclosed, none of other Directors has a material interest in the Framework Agreements and the transaction contemplated thereunder. As one or more of the applicable percentage ratios in respect of each of the Framework Agreements exceed 0.1% but all of which are less than 5%, each of the Framework Agreements and the transactions contemplated thereunder are subject to the reporting, annual review and announcement requirements but are exempt from the independent Shareholders’ approval requirement under Chapter 14A of the Listing Rules.
