Summary by Moomoo AI
On December 28, 2023, Shan Takeshin Energy Group Limited announced that it has entered into a supplemental agreement with its major shareholder North Water Control to the 2022 Power Sales Agreement, revising the original terms and annual cap. The move is in response to the expected increase in demand for distributed PV power generation at new hydro plants, which is expected to fall short of the current annual cap for additional transactions until 2024 and 2025. The supplementary agreement includes adjustments to the existing annual cap and related pricing policies, where electricity supply prices will be multiplied by the amount of electricity used, with a discount rate of 8% to 25%. As of October 31, 2023, the unaudited transaction amount was approximately RMB12,833,000, not exceeding the existing annual limit. The Boards of Directors of Shanghao Xin Energy and Yamagao Holdings both consider the Supplemental Agreement and the revised annual cap to be in the overall interests of the Company and its shareholders and will conduct declarations, announcements and annual reviews in accordance with Chapter 14A of the Listing Rules.