On 5 February 2016, Sun Moral, a wholly-owned subsidiary of the Company agreed with NHPEA IV Health and Euromax to inject capital into the JV Company. The JV Company is owned as to 23.71% by Euromax, 38.14% by NHPEA IV Health and 38.14% by Sun Moral, respectively. The total amount of capital to be injected into the JV Company will be USD26.6 million (equivalent to RMB172.4 million) (the “Capital Injection”). The Capital Injection was contributed by the JV Partners with respect to their shareholdings in the JV Company proportionally (i.e. USD6.3 million (equivalent to RMB40.9 million) by Euromax, USD10.1 million (equivalent to RMB65.8 million) by NHPEA IV Heath and USD10.1 million (equivalent to RMB65.8 million) by Sun Moral).
The Capital Injection will be used by the JV Company to fund the land acquisition for the expansion of a subsidiary hospital and its working capital needs.
LISTING RULES IMPLICATIONS
Euromax, one of the JV Partners, is wholly-owned by Dr. Che, the chairman, an executive Director and a Substantial Shareholder of the Company and thus a connected person of the Company. Therefore, the Capital Injection constitutes a connected transaction of the Company under Chapter 14A of the Listing Rules.
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As the applicable percentage ratio in relation to the Capital Injection exceeds 0.1% but is less 5%, the Capital Injection is subject to the reporting and announcement requirement but exempted from the independent Shareholders’ approval requirement.
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