CRRC (01766) issued an announcement. CRRC (Hong Kong) Co., Ltd. (Hong Kong), a wholly-owned subsidiary of the company...
According to Zhitong Finance App, CRRC (01766) announced that CRRC (01766), a wholly-owned subsidiary of the company, and COMPORTE PARTICIPAÇOES S.A. (hereinafter referred to as “Comporte”) have jointly established the Brazilian Sao Paulo State Intercity Railway North Axis PPP Project Company (Brazil Project Company) with a shareholding ratio of 40% and 60%.
For project needs, the Hong Kong company plans to provide a performance guarantee for the Brazilian project company according to the shareholding ratio. The details are as follows:
According to the main contract agreement signed between the Brazilian project company and the owner, the shareholders of the Brazilian project company are required to issue three performance guarantees according to the shareholding ratio during the entire project cycle (pre-operation period, operation period, return period). This time, performance guarantees are provided for the pre-operation period. The guarantee amount is not less than BRL 674 million (equivalent to about RMB 973 million, converted according to the current exchange rate, based on the exchange rate at the time the guarantee document is issued, the same below) and not higher than BRL 707 million (equivalent to about RMB 1,021 million), of which: the Hong Kong shareholding company is 40% Ratio needs to be provided no The performance guarantee of more than BRL 283 million (equivalent to approximately RMB 409 million) is for 7 years during the pre-operation period (estimated to be from May 2024 to May 2031, subject to the actual pre-operation period).