Summary by Futu AI
SHENZHEN INTERNATIONAL ANNOUNCED ON 12 MARCH 2024 THAT ITS NON-WHOLLY OWNED SUBSIDIARY SHANKUO RAILWAY COMPANY SIGNED A THREE-PARTY AGREEMENT WITH THE PROJECT MANAGEMENT BODY AND THE CONSTRUCTION PARTY TO PAY RMB16.52 MILLION (APPROXIMATELY HK$17.96 BILLION) FOR THE CONSTRUCTION OF SHENZHEN PINGHUNAN PROJECT COVER AND THE FOLLOWING WORKS. The Agreement establishes a payment obligation for the Shikoku Railway Company to the Project Management Agency in connection with the Closing Construction Contract. GUANGTÉO GROUP WILL PROVIDE REPLACEMENT MANAGEMENT SERVICES AND HIRE PROFESSIONAL CONTRACTORS FOR CONSTRUCTION TO IMPROVE THE EFFICIENCY AND QUALITY OF PROJECT CONSTRUCTION. The project is a national logistics hub and has started a number of businesses. The signing of the Tripartite Agreement is essential for the smooth completion of project construction work and is in the overall interests of the Company and its shareholders. Under the Listing Rules, this transaction is subject to announcement but is exempt from shareholder approval.