Summary by Moomoo AI
CHINA MOBILE CO., LTD. ANNOUNCED ON JANUARY 5, 2024 THAT IT HAS SIGNED AN AGREEMENT WITH ITS ULTIMATE HOLDING SHAREHOLDER CHINA MOBILE COMMUNICATIONS GROUP, SUCH AS THE POWER SUPPLEMENT FOR 2024. The agreement is for a period of one year, ending on 31 December 2024, and relates to the leasing of network assets such as power generation, distribution, international cables, satellites, and the lease fee will be determined at market prices. This agreement is another ongoing connected transaction following the 2022-2024 Aircraft and Transmission Pipeline Lease Agreement and will be disclosed in the Company's annual reports and accounts. The Board of Directors (including the independent non-executive directors) considers that the terms of the Agreement and the annual cap are fair and reasonable and in the overall interests of the Company and its shareholders. All executive directors abstained from voting due to their executive positions in China Mobile Communications Group. The annual cap on leasing fees in 2024 is RMB115 billion and approximately HK$126.46 billion.