BEIJING - SDIC Power Holdings Co., Ltd., a major power generation company in China, has announced that its first Extraordinary General Meeting (EGM) for 2025 will take place on January 8, 2025, at 14:00 p.m. The meeting will be held in Xicheng District, Beijing, to deliberate on the proposal concerning the company’s estimated daily related-party transactions for the year 2025.
The proposal outlines a series of expected transactions between SDIC Power, its subsidiaries, and its controlling shareholder, State Development & Investment Corp., Ltd. (SDIC), along with SDIC’s subsidiaries. These transactions include deposit and loan activities, labor services, and the sale and purchase of goods. In 2024, the company engaged in similar transactions with estimated amounts reaching up to RMB 15 billion for deposits and RMB 20 billion for loans with SDIC Finance Co., Ltd. and other SDIC-controlled subsidiaries. Actual amounts for the period from January to November 2024 were slightly lower than the estimates.
SDIC Power’s related-party transactions are designed to support the company’s operational needs and are in line with relevant laws and regulations, including the Price Law of the People’s Republic of China. Prices for these transactions are set to reflect market rates and are negotiated to ensure fairness without compromising the interests of the company or its shareholders.
The company maintains its operational independence from SDIC and its subsidiaries, with related-party transactions constituting a minor portion of its total revenue. The EGM’s purpose is to secure approval for the anticipated related-party transactions for 2025, ensuring they align with the company’s production and operational requirements.
The proposal for these transactions was approved at the 40th meeting of the 12th Board of Directors on December 23, 2024, and is now subject to shareholder deliberation at the upcoming EGM. Shareholders related to the transactions will abstain from voting as per the relevant provisions of the Stock Listing Rules.
This article is based on a press release statement from SDIC Power Holdings Co., Ltd.
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