On September 6, China Glass (03300.HK) announced that on September 6, 2024, ChiBo Egypt (an indirectly wholly-owned subsidiary being established by the Company) entered into a land use agreement with ETSDC. Accordingly, ETSDC agrees to transfer and ChiBo Egypt agrees to acquire the land use rights of the land located in the Northwest Economic Zone of the Suez Bay, Suez Province, Egypt, for a consideration of 17.71 million US dollars.

The land is located in the Northwest Economic Zone of the Suez Bay, Suez Province, Egypt. The total area of the land is approximately 491,931.55 square meters. The land can be used for medium and light industries and logistics. The land use rights for the land will expire on April 30, 2068.

The Group plans to build a new production base on the land, which includes (i) a float glass production line, and (ii) a photovoltaic rolled glass production line and its supporting deep processing line. The land is located in the Suez Economic and Trade Cooperation Zone of the China-Egypt TEDA Suez Economic and Trade Cooperation Zone, which is the intersection of the "Silk Road Economic Belt" and the "Suez Canal Economic Belt". ChiBo Egypt can enjoy the benefits provided by Egypt's foreign investment policies and benefit from the convenience and low cost of import and export transportation. In addition, ChiBo Egypt can make full use of the abundant mineral resources and benefit from low energy and labor costs. After the completion of these production lines, ChiBo Egypt is expected to become the largest glass manufacturer in Egypt in terms of local production scale and product variety. The Group will utilize the geographical and resource advantages of this area to match glass products with market competitiveness, fill the glass supply and demand gap in the local and surrounding markets of Egypt, and further contribute to the Group's overseas performance and promote the optimization and upgrading of the Group's industrial structure.

In recent years, the Group has been adhering to the development strategy of "going global" and actively responding to China's "Belt and Road" initiative. The investment project in Egypt is an important strategic project of the Group to fully utilize its advantages in "internationalization" and "marketization" and layout countries along the "Belt and Road". It will also help deepen the cooperation between China and Egypt. The Group also pays close attention to the emerging development opportunities in the new energy field and is committed to diversifying its product portfolio to develop glass products covering the fields of new glass, new materials, and new energy. Therefore, the board of directors believes that the land acquisition matters are in line with the Group's strategic development plan.