Summary by Moomoo AI
CONE CEMENT SIGNED THE ADDITIVE PROCUREMENT FRAMEWORK AGREEMENT WITH CONE TECHNOLOGY ON 2 JANUARY 2024, WHICH WILL BE VALID FROM 1 JANUARY 2024 TO 31 DECEMBER OF THE SAME YEAR. Under the agreement, Conch Cement Group will purchase additive products from Conch Technology Group, with an annual transaction cap of RMB8.6 billion. CONE TECHNOLOGY IS AN AFFILIATE OF CONE GROUP AND HOLDS 48.62% OF CONE BIOMATERIALS, WHILE CONE SCIENCE IS A WHOLLY OWNED SUBSIDIARY OF CONE GROUP, THUS THE TRANSACTION CONSTITUTES A CONTINUING CONNECTED TRANSACTION. The transaction is subject to annual review and disclosure requirements under Chapter 14A of the Listing Rules, but is exempt from approval by independent shareholders. Conch Cement said that the use of additives helps improve production efficiency and reduce costs and will continue to be used in its subsidiaries. The Board of Directors has approved the Agreement and its Transaction and considers the terms of the transaction to be fair and reasonable and in the best interests of the Company and its shareholders.
