CIMC ENRIC (03899), controlling shareholder enter into 3-yr processing, procurement agreement
CIMC ENRIC (03899) announced it entered into a master agreement of processing, parts procurement and office services with CMIC Group, a 56.59% controlling shareholder of the company.
According to the agreement, CMIC Group will provide services including uncoiling steel, sand blasting and base coat spraying to the company with an annual cap of RMB16 mln, RMB23 mln and RMB31 mln over the next three years respectively. Meanwhile, CIMC ENRIC will procure various parts and raw materials including vehicle chassis and vehicle platforms from CMIC Group with an annual cap of RMB345 mln, RMB455 mln and RMB614 mln respectively. CIMC ENRIC will also provide office services, including staff catering, transportation services, leasing of office premises and other sites, and miscellaneous general office services to the CIMC Group. (y)
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