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The latest announcement is out from CITIC Resources Holdings ( (HK:1205) ).
CITIC Resources Holdings has agreed new three-year financial services agreements with CITIC Bank International, CITIC Finance International, CNCB and CITIC Finance PRC, replacing existing arrangements and setting new annual caps for deposit services. The agreements cover deposit, settlement, collection and payment, and other financial services for the company and its subsidiaries from the effective date.
Because all counterparties are subsidiaries of controlling shareholder CITIC Group, the transactions are classified as continuing connected transactions and, for deposit services, also as major transactions under Hong Kong listing rules. As the relevant percentage ratios for deposit services reach or exceed 25%, these arrangements require reporting, announcement, annual review and independent shareholders’ approval, while the smaller-fee settlement and other services fall below de minimis thresholds and are exempt from such requirements.
More about CITIC Resources Holdings
CITIC Resources Holdings is a Hong Kong-listed company under the CITIC Group umbrella, operating in the resources and energy sector with a focus on upstream assets and related services. The company and its subsidiaries utilise group-affiliated financial institutions for deposit, settlement, collection and payment, and other financial services to support their ongoing operations and capital management needs.
Average Trading Volume: 12,282,663
Technical Sentiment Signal: Buy
Current Market Cap: HK$4.16B
For an in-depth examination of 1205 stock, go to TipRanks’ Overview page.