Annual Report - QuamIR

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Report of the Directors (Continued) Continuing Connected Transactions Details of the continuing connected transactions entered into by the Group during the year are set out below:- (i) Yangpu Water Supply Agreement (i) On 12 January 2009, Yangpu Water Supply Company Limited (held as to 65% indirectly by the Company) entered into a supplemental 65% agreement with Jinhai Paper Pulping Industrial Company Limited (“Jinhai”) for, among others, extending the term of the water supply agreement dated 13 January 2004 (which was amended and supplemented on 23 November 2005 and 25 April 2006 respectively) for a further period from 1 January 2009 to 31 December 2011. Jinhai is an associate of a connected person of the Company by virtue of being indirectly controlled by the Oei family (the family members of Mr. OEI Tjie Goan, (the Chairman of the Company), including Mr. OEI Kang, Eric (Executive Director)), which is in turn a connected person of the Company. The provision of water supply services contemplated under the water supply agreement and the supplemental agreement constitute a non-exempt continuing connected transaction under the Listing Rules and is subject to the reporting, announcement and 14A.35 independent shareholders’ approval requirements under Rule 14A.35 of the Listing Rules. For the year ended 31 December 2011, the Group received an annual revenue of HK$39.2 million for provision of the water supply services to Jinhai. 39,200,000 On 8 December 2011, Yangpu Water Supply Company Limited entered into another supplemental agreement with Jinhai for, among others, extending the term of the water supply agreement dated 13 January 2004 for a further period of three years from 1 January 2012 to 31 December 2014. 56 HKC (Holdings) Limited • Annual Report 2011
Report of the Directors (Continued) Continuing Connected Transactions (Continued) (ii) Guarantees to CRE and its subsidiaries The Company has provided, by itself directly or its wholly-owned subsidiaries indirectly, guarantees in respect of project loan facilities granted by banks to the relevant project companies, which are subsidiaries of CRE (the “Guarantees”). The Company has also made advance and granted standby facility for CRE and its subsidiaries (the “Loan Facilities”). CRE is a subsidiary of the Company and Mr. OEI Kang, Eric (Executive Director) and his associates held approximately 19.2% direct interest in CRE as at 31 December 2011. The provision of the Guarantees and the Loan Facilities is subject to reporting, annual review and disclosure requirement under Rule 14A.41 of the Listing Rules. Details of the Guarantees and the Loan Facilities were disclosed in the announcement of the Company dated 30 September 2011. a. The Guarantees The salient particulars of the Guarantees are set out below: (ii) 19.2% 14A.41 a. (1) Date : 28 August 2006 (1) Project company : (borrower) (Asia Wind Power (Mudanjiang) Company Limited), which is currently a non-wholly owned subsidiary of CRE. Amount secured : The Guarantee provided for this project company was given in favour of the bank to secure repayment of all monies due from the operating company to the lending bank under the loan facility, including the principals, interests accrued and other losses, damages and monies payable under the loan facility. • 57
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HKC (HOLDINGS) LIMITED (incorporat
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Contents 2 Corporate Information
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Corporate Information (Continued)
Page 7 and 8: Chairman’s Statement (Continued)
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Page 11 and 12: Management Discussion and Analysis
Page 17 and 18: Corporate Governance Report (Contin
Page 29 and 30: Directors and Senior Management (Co
Page 35 and 36: Report of the Directors (Continued)
Page 57: Report of the Directors (Continued)
Page 71 and 72: Independent Auditor’s Report (Con
Page 73 and 74: Consolidated Statement of Comprehen
Page 75 and 76: Consolidated Balance Sheet (Continu
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Page 79 and 80: Consolidated Statement of Changes i
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Notes to the Consolidated Financial
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Principal Subsidiaries, Associated
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Five-Year Financial Summary 2011 2
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Schedule of Principal Properties (C
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HKC (HOLDINGS) LIMITED 9/F., Tower
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Annual Report - QuamIR

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