Summary by Futu AI
Kinetic Development Group Limited (the "Company") announces that it has signed a subleasing agreement for an airplane with Wealth Galaxy Limited (the "Landlord") on August 2, 2024, with a lease term of 12 months. The Landlord is wholly owned by Mr. Zhang Liang and holds the controlling shareholder of King Lok Holdings Limited in the Company through its trust, Zhang Family Overseas Limited, and therefore Mr. Zhang Liang is a related party of the Company. The subleasing agreement constitutes a connected transaction, but the percentage rate is less than 5%, so it is handled in accordance with Chapter 14A of the Listing Rules. The Company is mainly engaged in the extraction and sales of coal products, and seeks business diversification and overseas investment. Renting a private plane will help management effectively achieve strategic goals and increase flexibility and efficiency when traveling. The rent for the sublease agreement of the airplane is USD 5,600,000, which will be paid by internal resources of the Group.