Dacheng Sugar (03889) issued an announcement to close the relevant offer. After Dacheng Sugar completed and immediately after the end of the offer, Kong Xian...
According to the Zhitong Finance App, Dacheng Sugar (03889) issued an announcement and the relevant offer has ended. After the completion of Dacheng Sugar and immediately after the end of the offer, Mr. Kong and Mr. Wang each held 360 million shares and 419 million shares, accounting for about 23.5% and 27.5% of the company's issued share capital. Therefore, in accordance with Chapter 14A of the Listing Rules, Mr. Kong and Mr. Wang (as executive directors and major shareholders of the Company) became related persons of the Company.
Prior to the completion of Dacheng Sugar, Shanghai Haocheng (as the purchaser) and Ruihao (Guangzhou) and Diandiantong Supply Chain (as the supplier) respectively signed Ruihaozhu procurement agreements and Diandiantong procurement agreements for the supply and procurement of corn starch and sugar syrup. The proposed transaction under the main purchase agreement became a continuing connected transaction for the Company after completion by Dacheng Sugar.
On September 3, 2007, Dacheng Biochemical and Dacheng Corn made a non-competition commitment to ensure that the Group avoids any potential competition from Dacheng Biochemical Group during the relevant period. According to the non-competition promise, the relevant period refers to the period from the date the company was listed on the main board of the Stock Exchange (i.e. September 20, 2007) until the date Dacheng Biochemical and/or Dacheng Corn ceases to be a controlling shareholder.
Following the completion of Dacheng Sugar, the shares held by Dacheng Biochemical and Dacheng Corn were reduced to 500,000 shares and 259.8 million shares respectively, accounting for about 0.01% and 17.01% of the company's issued share capital. As a result, Dacheng Biochemical and Dacheng Corn are no longer controlling shareholders, and their non-competition commitment expires on December 21, 2023.
The Continuing Connected Transactions Executive Committee and Continuing Connected Transactions Supervisory Committee established to (among others) monitor matters relating to non-competition undertakings are no longer required after the non-competition commitment expires. As a result, the Board decided to abolish the Continuing Connected Transactions Executive Committee and the Continuing Connected Transactions Supervisory Committee.