Summary by Moomoo AI
Vida International signed a General Procurement Agreement with its suppliers on 30 April 2024, which will cover product procurement until 31 December of the same year. THE TRANSACTION IS CONSIDERED TO BE A CONTINUING CONNECTED TRANSACTION AS APRIL HOLDS APPROXIMATELY 98.68% OF THE SHARES IN VIDA INTERNATIONAL AND THE SUPPLIER IS A MEMBER OF THE RGE MANAGEMENT GROUP. Under Chapter 14A of the Listing Rules, the transaction is subject to the reporting, announcement and annual review provisions, but is subject to approval by independent shareholders. The Total Purchase Agreement allows Vida International to purchase products at prices ranging from 0% to 15% off the market price and has an annual cap of HK$999,800,000. Vida International said the agreement will ensure a stable supply of core raw materials for the company and strengthen its strategic partnership with RGE Management Group. The Company will ensure fair and reasonable purchase prices through internal monitoring measures.