VOLUNTARY ANNOUNCEMENT - ANNOUNCEMENT IN RELATION TO THE UNDERTAKINGS MADE TO THE COMPANY BY THE CONTROLLING SHAREHOLDER, BEIJING NORTH STAR INDUSTRIAL GROUP LIMITED LIABILITIES COMPANY
On 2 February 2021, a consortium jointly formed by BNS Group, the controlling shareholder of the Company, Beijing Construction Engineering and CCSEB won the bid for the NCIEC Phase II Project by way of public tender. Due to the large capital demand for the Project and the relatively long payback period, the Company decided not to participate in the bidding of the Project at the meeting of the Board convened on 13 January 2021.
In accordance with the relevant laws and regulations, and on the basis of the Agreement of Foregoing Competition and Interest Conflicts entered into with the Company on 8 August 2003, BNS Group issued a Letter of Undertakings in relation to the avoidance of any potential horizontal competition to the Company on 2 February 2021.