CHINA OVERSEAS PROPERTY HOLDINGS LIMITED China Overseas Grand Oceans Group Limited announced that the Framework Agreement will expire on 30 June 2023. The Directors expect that the Group will continue to engage the COPL Group to provide Services for the Projects through the tender process conducted by the Group. In this connection, on 28 April 2023, the Company and COPL entered into the Renewal Framework Agreement for a term of three years, commencing from 1 July 2023 and ending on 30 June 2026 subject to the Caps.
Duration: Subject to the fulfillment of the conditions precedent to the Renewal Framework Agreement, the Renewal Framework Agreement will commence from 1 July 2023 and end on 30 June 2026 (both dates inclusive). Terms: Pursuant to the Renewal Framework Agreement, any member of the COPL Group may provide Services to the Group for the Projects, subject to the Caps. The Group will go through a standard and systematic tender procedure to select and appoint a service provider for the provision of Services to the Group.
Conditions Precedent: The transactions contemplated under the Renewal Framework Agreement (together with the Caps) are conditional upon (i) the passing of the resolution by COPL's independent shareholders at COPL's extraordinary general meeting approving the Renewal Framework Agreement (together with the Caps) and the transactions contemplated thereunder, and (ii) the Company and COPL having complied with all requirements under the Listing Rules with respect to the transactions contemplated under the Renewal Framework Agreement. Payment Terms: In respect of the transactions under the Renewal Framework Agreement, the fees payable by the Group to the COPL Group will be settled pursuant to such payment terms prescribed under the terms of the specific tender or contract. Pricing Basis: Under the Renewal Framework Agreement, the prices and terms of the contracts for the provision of Services shall be determined in the ordinary course of business on normal commercial terms, negotiated on arm's length basis, and at prices and on terms no more favourable than those granted to other service providers who are independent third parties.
