Summary by Moomoo AI
On February 23, 2024, Magnificent Gardenia Limited (Yai Dazong) announced that upon completion of the physical distribution, Magnificent Gardenia Limited (Magnificent Gardenia) will hold approximately 14.78% of the shares of the company and become the principal shareholder. Since Magnificent Gardenia is wholly owned by Nanyang Five Mines, Nanyang Five Mines will be an easy to use affiliate. Previously, Yai Dazong has entered into a cooperation agreement with Nanyang Five Mines concerning the procurement, sale, transportation and logistics services of coal-related products. Pursuant to the Listing Rules, the transactions under the Cooperation Agreement will constitute a continuing connected transaction subject to annual review and disclosure requirements. The Cooperation Agreement shall run from 8 March 2023 to 7 March 2029. The partnership will help strengthen long-term cooperation between the two sides, expand the coal trading business and increase profitability, said Yi Dazong.