Examples of Procurement Agreements in a sentence
Since all applicable percentage ratios in respect of the September Equipment Purchase Arrangement and the Equipment Procurement Agreement in aggregate exceed 0.1% but less than 5%, the entering into of the Equipment Procurement Agreements is subject to the reporting and announcements requirements but is exempt from the circular and Shareholders’ approval requirements pursuant to Rule 14A.76(2) of the Listing Rules.
Accordingly, Sun Technology is an associate of Hydropower Group and therefore a connected person of the Company under Rule 14A.07 and the transactions contemplated under the Equipment Procurement Agreements constitute connected transactions of the Company pursuant to Chapter 14A of the Listing Rules.
Procurement Agreements will be periodically reviewed to insure compliance with these principles.
The Directors are of the view that the entering into of the Supplemental Procurement Agreements between the Target Company and Sinopharm reinforces the continuity of the Procurement Agreement and secure the revenue of the Target Company.
Save as disclosed above, none of the Directors have material interest in the Equipment Procurement Agreements and hence no other Director was required to abstain from voting on the relevant resolution approving the same.
However, upon the entering into the Equipment Procurement Agreements, the total considerations payable by the Purchasers when aggregated with the consideration paid or payable under the September Equipment Purchase Arrangement will be in excess of HKD3,000,000.
Pursuant to New Procurement Agreements, purchasers guarantee to the Target Company to underwrite the contracted quantities of products in accordance with the terms and conditions of the New Procurement Agreements.
However, upon the entering into the Equipment Procurement Agreements, the total consideration payable by the Purchasers when aggregated with the consideration paid or payable under the September Equipment Purchase Arrangement will be in excess of HKD3,000,000.
As Xx. Xxxx Xxxx held position in Hydropower Group, and Xx. Xx Xxx and Xx. Xxx Xxxxx are Directors nominated by Hydropower Group, they have abstained from voting on the Board resolutions to approve the Equipment Procurement Agreements voluntarily.
New procurement agreements between the Target Company and new customers In addition to the Procurement Agreement and the Supplemental Procurement Agreements, the Target Company entered into procurement agreements with total contract value of approximately RMB91.6 million (equivalent to approximately HK$100.73 million) with 4 new customers (the ‘‘New Procurement Agreements’’) in January and February of 2020.