Summary by Moomoo AI
China Overseas Development Co., Ltd. (China Overseas) announced the renewal of a new framework agreement with China Construction International Group Co., Ltd. (China Construction International), which involves a three-year continuous supply of materials connected transaction. The agreement aims to supply materials for construction projects from 1 July 2024 to 30 June 2027. China Overseas and its controlling shareholder, the Mediterranean Group, hold approximately 56.10% and 64.81% of China Construction International, respectively. Therefore, China Construction International Group and its minor holding group members are affiliates overseas in China. Transactions under the new framework agreement are expected to comply with the annual review, disclosure and announcement requirements of Chapter 14A of the Listing Rules, but are subject to independent shareholder approval. The cap of the new agreement is between RMB 500 million and RMB 1,400 million, and the specific amount will depend on the actual contract amount. China Overseas said the new framework agreement will help promote cooperation with China Construction International and provide the Group with a stable source of revenue.