Summary by Futu AI
On July 9, 2024, Kinetic Dev Group Limited ("Kinetic Dev") issued a supplemental announcement regarding the supplementary agreement of the loan agreement for 2022 previously announced on July 2, 2024. According to the supplementary agreement, both parties agreed to extend the loan term and raise the loan interest rate. The interest rate will be determined based on the current commercial loan interest rate between banks and the borrower's financial condition after fair benchmark negotiations. Kinetic Dev stated that the interest rate adjustment of this supplementary agreement is based on the borrower's assets and cash position. The board of directors includes three executive directors, one non-executive director, and three independent non-executive directors.