Summary by Moomoo AI
China Hongqiao Group Co., Ltd. (stock code: 1378) announced that its indirect non-wholly owned subsidiaries Weiqiao Aluminum, Winning Logistics and WCH have signed a WCH Shareholder Agreement after the trading period on 6 March 2024. Under the agreement, Weiqiao Aluminum will fulfill its shareholder obligations and provide guarantees of up to $1,780 million for WCH's specific outlay obligations under the mine and infrastructure projects. Contractors involved in this guarantee agreement include Weiqiao Aluminum, WCS, WCSI and Baobu Ximangdu (Shanghai). This transaction is a disclosable transaction as it involves an amount of more than 5% but less than 25%, as provided for in Chapter 14 of the Listing Rules. Weiqiao Aluminium and Winning Logistics each own a 50% shareholding in WCH, while WCH indirectly owns the development and production interests in Block 1 and Block 2 of the Central Iron Mines Project in Guinea. The project is expected to bring new business opportunities and revenue sources to the company and has positive strategic implications for the long-term development of the company.