Summary by Moomoo AI
On January 19, 2024, Conch Cement signed a “Combustion Procurement Contract” with its related company Conical Preparatory High-Tech Corporation, which plans to procure combustion promoters of no more than RMB 1.03 billion in 2024. The conch preparation high-tech company is a wholly-owned subsidiary of the Conch Group, so the transaction constitutes a related transaction. Under the Listing Rules, the amount of the transaction is more than 0.1% but less than 5% and is therefore subject to annual review and disclosure requirements, but is exempt from independent shareholder approval. The contract is valid from the date of its signature until the end of 2024. Conch Cement said that the use of combustion promoters helps reduce production costs and improve operating efficiency, and that the transaction will not have a significant impact on the company's financial condition and operating results. The Board of Directors has approved the transaction and considers the terms of the transaction to be fair and reasonable and in the best interests of the Company and its shareholders.