Examples of Procurement Agreement in a sentence
As all the applicable percentage ratios set out in Rule 14.07 of the Listing Rules in respect of the total consideration under the Cash Vouchers Procurement Agreement are less than 0.1%, the entering into of the Cash Vouchers Procurement Agreement was, pursuant to Rule 14A.76(1) of the Listing Rules, fully exempt from independent shareholders’ approval, annual review and all disclosure requirements at the time of signing.
The entering into of the Procurement Framework Agreement and the transactions contemplated thereunder constitute continuing connected transactions of the Company under Chapter 14A of the Listing Rules, while the entering into of the Cash Vouchers Procurement Agreement constitutes a connected transaction of the Company under Chapter 14A of the Listing Rules.
Pursuant to Rule 14A.81 of the Listing Rules, the transactions contemplated under the Procurement Framework Agreement shall be aggregated with the connected transactions contemplated under each of the AGH Procurement Framework Agreement and the Cash Vouchers Procurement Agreement as if they were one transaction as they are of similar nature and were all entered into within a 12-month period by the Group with parties who are connected with one another.
The Directors (including the independent non-executive Directors) are of the view that the transactions under the Procurement Agreement and Subcontract Agreement will be conducted in the ordinary and usual course of business of the Group and on normal commercial terms, and that the terms of the transactions are fair and reasonable and in the interests of the Company and the Shareholders as a whole.
The Board is of the view that it will be for the benefit of the Company to undertake the relevant work as specified under the Procurement Agreement.