Zhuzhou CRRC Times Electric Co., Ltd. Enters into the 2020-2022 CRRC Group Mutual Supply Agreement with CRRC Group Co., Ltd
March 26, 2019 at 09:35 am EDT
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In view of the prospective expiry of the 2017-2019 CRRC Group Mutual Supply Agreement on 31 December 2019, on 26 March 2019, Zhuzhou CRRC Times Electric Co., Ltd. entered into the 2020-2022 CRRC Group Mutual Supply Agreement with CRRC Group Co., Ltd. for a term of three years commencing on 1 January 2020 and ending on 31 December 2022. The 2020-2022 CRRC Group Mutual Supply Agreement and the New CRRC Group Caps constitute non-exempt continuing connected transactions of the Company which are subject to the reporting, announcement, annual review and Independent Shareholders' approval requirements under Chapter 14A of the Listing Rules. The Independent Board Committee has been established to advise the Independent Shareholders in relation to the 2020-2022 CRRC Group Mutual Supply Agreement and the New CRRC Group Caps. In this connection, the Company has appointed Pelican Financial Limited as the Independent Financial Adviser to advise the Independent Board Committee and the Independent Shareholders on, among others, the 2020-2022 CRRC Group Mutual Supply Agreement and the New CRRC Group Caps. A circular containing, among other things, details of the 2020-2022 CRRC Group Mutual Supply Agreement and the New CRRC Group Caps; the letter from the Independent Financial Adviser containing its advice to the Independent Board Committee and the Independent Shareholders on the 2020-2022 CRRC Group Mutual Supply Agreement and the New CRRC Group Caps; and the recommendation of the Independent Board Committee regarding the 2020-2022 CRRC Group Mutual Supply Agreement and the New CRRC Group Caps to the Independent Shareholders will be dispatched to the shareholders of the Company no later than 17 April 2019.
Zhuzhou CRRC Times Electric Co Ltd is a China-based company mainly engaged in the research and development (R&D), design, manufacturing and sales of rail transit equipment products. The Company is also engaged in R&D, design, manufacturing and sales of emerging equipment. The rail transit equipment business mainly includes rail transit electrical equipment, such as traction converter system, information and intelligent system products, power supply system and test equipment, and rail engineering machinery and communication signal system. The emerging equipment business includes power semiconductor devices, industrial converter products, electric drive systems of new energy vehicles, sensor devices and marine engineering equipment. The Company operates in the domestic market and overseas markets.