Huaneng Power International, Inc. (600011.SH; 00902.HK; HNP.NYSE) announced that it had entered into a framework agreement with Huaneng Group, its controlling shareholder, to determine some transactions between the two sides, during a time commencing on January 1 of 2016 and expiring on December 31 of 2016.
Under the framework agreement, the company is expected to conduct a series of transactions with Huaneng Group and its subsidiaries and associates such as the purchase of ancillary equipment and parts, the purchase of coal and transportation services, the leasing of facilities, land and office spaces, technical services, engineering contracting services and other services, provision of entrusted sale services, as well as the sale of products, according to a filing with the Hong Kong Exchanges and Clearing Ltd (HKEx).
Such transactions will be conducted on an on-going basis and constitute continuing connected transactions under the Hong Kong Listing Rules.
The company thus proposes to convene an extraordinary general meeting in January of 2016 to table the relevant resolutions for obtaining the approval from the independent shareholders on the conduct of the continuing connected transactions under the framework agreement, the company said.
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