Summary by Moomoo AI
Jinmao China announced on 7 May 2024 that it had entered into a new lease framework agreement with its ultimate holding shareholder, China Sinhua, to extend the original lease term to 31 December 2033. The agreement sets an annual cap for the three years ended December 31, 2026, and will replace the existing Lease Framework Agreement, which expires on December 31, 2024. The rental properties involved in the new Lease Framework Agreement include a number of important properties such as Xicheng Jinmao Centre, Kaichen World Trade Centre. As the annual cap for the transaction exceeds 5%, under Chapter 14A of the Listing Rules, the transaction is subject to the requirements of declarations, announcements, annual reviews and independent shareholder approval. The Company will send a circular to shareholders on or before 31 May 2024 and hold an extraordinary general meeting to seek independent shareholder approval. The Independent Board of Directors and Red Day Capital have provided advice to independent shareholders on the new Lease Framework Agreement.