1 Apr 2016 11:02
ZHEJIANG EXPRESSWAY CO LD - Supplemental AnnouncementZHEJIANG EXPRESSWAY CO LD - Supplemental Announcement
PR Newswire
London, April 1
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ZHEJIANG EXPRESSWAY CO., LTD.(A joint stock limited company incorporated in the People's Republic of China with limited liability)(Stock code: 0576)
SUPPLEMENTAL ANNOUNCEMENT
Reference is made to the announcement of Zhejiang Expressway Co., Ltd. (the "Company") dated 30 March 2016 (the "Announcement") in relation to the New Financial Services Agreement. Unless otherwise stated, terms used in this announcement have the same meanings as defined in the Announcement.
As disclosed in the Announcement, the interest rate to be paid by Zhejiang Communications Finance for the Group's deposits with Zhejiang Communications Finance shall be determined based on the prevailing deposit interest rate promulgated by the People's Bank of China for the same period and should not be lower than the deposit interest rates offered by major commercial banks in the PRC for comparable deposits of comparable periods.
The Company would like to supplement that before the Company or any of its subsidiaries enters into any individual agreement for deposits with Zhejiang Communications Finance or other commercial banks/financial institutions in the PRC, the Company, after considering factors including, among other things, (i) the Group's expected cashflow and (ii) the pricing terms offered by the Zhejiang Communications Finance and other commercial banks, will submit a deposit instruction form to the senior management of the Company and the executive Director who is in charge of the Group's financial management for approval. In reviewing the pricing terms of the deposits, the Company will obtain not less than two verbal quotations from other independent financial institutions (which shall be leading licensed banks in the PRC) in relation to deposit services of the same type and with the same duration in order to ensure that the term sand conditions of the deposits offered by Zhejiang Communications Finance are in compliance with the pricing basis of the Deposit Services as set out in the New Financial Services Agreement.
On behalf of the Board ZHEJIANG EXPRESSWAY CO., LTD.Tony Zheng Company Secretary
Hangzhou, the PRC, 1 April 2016
As of the date of this announcement, the executive directors of the Company are: Mr. ZHAN Xiaozhang, Mr. CHENG Tao and Ms. LUO Jianhu; the non-executive directors of the Company are: Mr. WANG Dongjie, Mr. DAI Benmeng and Mr. ZHOU Jianping; and the independent non-executive directors of the Company are: Mr. ZHOU Jun, Mr. PEI Ker-Wei and Ms. LEE Wai Tsang Rosa.