NVC Lighting announced that on May 18, 2017, the company's wholly-owned subsidiary, NVC, entered into a service agreement with NVC, and accordingly, NVC will provide lighting solutions to NVC in Hong Kong and distribution in Asia Pacific and Eastern Europe. Business and dealer management related services.
The annual caps for the consideration payable by NVC in Hong Kong under the service agreement for the three years ended December 31, 2019 are RMB 5 million, RMB 6.5 million and RMB 8.5 million, respectively.
As at the date of the announcement, Singapore NVC is a subsidiary of Wang Dongming, an executive director of the company. Wang Dongming holds a 60% equity interest in Singapore NVC. Therefore, Singapore NVC is a connected person of the company and the transactions contemplated under the service agreement constitute a connected transaction.
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