Examples of Master Sale and Purchase Agreement in a sentence
Therefore, each of Sichuan Kelun and Kelun International is deemed to have a material interest in the Continuing Connected Transactions and will be required to abstain from voting on the relevant resolutions in relation to the Continuing Connected Transactions under the Master Sale and Purchase Agreement (including the proposed annual caps) at the EGM.
The EGM will be convened for the Independent Shareholders to consider and, if thought fit, approve the Master Sale and Purchase Agreement and the Continuing Connected Transactions contemplated thereunder (including the proposed annual caps).
The Continuing Connected Transactions under the Master Sale and Purchase Agreement between the Company and Sichuan Kelun (including the proposed annual caps) therefore constitute continuing connected transactions of the Company under Chapter 14A of the Listing Rules.
This Standby Letter of Credit shall take effect in accordance with its terms but such terms shall not alter, add to or in any way affect the LNG Master Sale and Purchase Agreement or Confirmation Notice(s) to which this Standby Letter of Credit relates.
As the highest applicable percentage ratio in respect of the annual cap under the Master Sale and Purchase Agreement is higher than 0.1% but less than 5% on an annual basis, the Master Sale and Purchase Agreement is subject to reporting, annual review and announcement requirements but exempt from the circular (including independent financial advice) and shareholders’ approval requirements pursuant to Rule 14A.76(2) of the Listing Rules.
The Directors (including the independent non-executive Directors) consider that the terms of the Master Sale and Purchase Agreement, arriving after arm’s length negotiations between the parties, are fair and reasonable and the transactions contemplated thereunder (and the proposed annual caps) are entered into in the ordinary and usual course of business of the Company on normal commercial terms and in the interests of the Company and its shareholders as a whole.
On 21 October 2019, the Company and Citychamp, a substantial shareholder of the Company, entered into the Master Sale and Purchase Agreement pursuant to which (1) the Citychamp Group may, from time to time, purchase Watches from the Group; and (2) the Group may, from time to time, sell Watches to the Citychamp Group during the term of the Master Sale and Purchase Agreement.
The Master Sale and Purchase Agreement does not limit the types of materials or products to be purchased by the Company from the Kelun Group or by the Kelun Group from the Company.
The entering into of the Master Sale and Purchase Agreement between the Company and Sichuan Kelun will therefore constitute continuing connected transactions under Chapter 14A of the Listing Rules.
Therefore, the Board considers that the entering into of the Master Sale and Purchase Agreement and the Continuing Connected Transactions contemplated thereunder is in line with the business strategy of the Company and will benefit the future development of the Company and enhance business expansion.