Summary by Moomoo AI
Cathay Pacific signed a three-year framework agreement with China Aircraft Services on 26 April 2024 until 31 December 2026. The Agreement provides for the scope of services provided by the China Aircraft Services Group to Cathay Group, including field maintenance, base maintenance, material and tool supply. As China Aircraft Services is a related party to Cathay Pacific, this transaction constitutes a continuing connected transaction and is subject to the listing rules regarding announcements, annual audits and annual returns. The full year cap for transactions is based on past actual amounts, reduced service demand during the pandemic, and projected amounts for the next three years. Cathay Pacific's Board of Directors considers that the terms of the Framework Agreement are fair and reasonable and are in the overall interests of the company and its shareholders.