Key Developments: Hybrid Kinetic Group Ltd (1188.HK)
12 Mar 2014
Latest Key Developments (Source: Significant Developments)
Hybrid Kinetic Group Ltd updates on the project company established in Lianyungang, Jiangsu Province, The PRC to promote the development of the new energy project
Hybrid Kinetic Group Ltd:Refers to the announcement made on Nov. 27, 2013 in relation to, among others, the establishment of a project company to promote and undertake the development of a new energy project.Says the project company (with the approved name of Lianyungang Hybrid Kinetic New Energy Co., Ltd.) was established as a limited liability company in the PRC on Mar. 29 with a total registered capital of $60,000,000.Says out of the total registered capital 35 pct (representing $21,000,000) was agreed to be contributed by the Group and the remaining 65 pct (representing $39,000,000) was agreed to be contributed by the remaining shareholders to the project company.Says on Jan. 27 the Group was informed by the project company that two of the shareholders of the project company, Golden West LLC and Chimerica Technologies, LLC (the Outgoing Shareholders), had withdrawn from the Project Company.Says the outgoing shareholders held a total of 55 pct of the registered capital of the project company.Says notwithstanding the withdrawal of the outgoing shareholders, it is the current intention of the Group and the remaining shareholder to the project company to continue the pursuit of the new energy project through the project company. Full Article
Hybrid Kinetic Group Ltd announced that on November 23, 2012, the Company entered into the Cooperative Agreement, which is legally-binding, with (i) Jiangsu NewHeadLine, (ii) LianYunGang TianYang and (iii) LETDZ to agree to certain terms, and to record the understanding of the respective parties, in relation to the proposed establishment of the Project Company for the promotion and development of the New Energy Project to be based in LETDZ, Jiangsu Province, the PRC. The New Energy Project proposed to be undertaken, launched and developed by the Project Company in the LETDZ involves the construction of key new energy automobile component production facilities. The production facilities of the New Energy Project will engage in the production of key new energy automobile components, which includes battery materials, super batteries, electric control systems, and electrolyte. The total investment amount of the New Energy Project will be RMB10,000,000,000 (equivalent to approximately HKD12,444,000,000). It is envisaged that the New Energy Project, if successfully implemented, could bring tide of economic and social benefits to the LETDZ, and pave the way for a sound and rapid development of new energy automobiles and automotive components, both in the PRC and globally. Full Article
Hybrid Kinetic Group Ltd announced that the directors do not recommend the payment of an interim dividend for the six months ended June 30, 2012 (Six months ended June 30, 2011: Nil). Full Article
PT Agincourt Resources (G-Resources), a unit of Hong Kong-listed gold company G-Resources Group Ltd, sees lower gold output this year at 230,000 to 250,000 ounces, against 281,477 ounces in 2013, CEO Peter Albert said in a statement.