CWT INT'L (00521.HK): Subsidiary enters into third sales contract for commodity trading at approximately HKD 58.13 million

NewTimeSpace News: After trading hours on 10 September 2026, CWT International Limited (stock code: 00521) announced that MRI Trading AG, an indirect wholly-owned subsidiary of the company, entered into a third sales contract with TMSC Trading Co., Limited, pursuant to which TMSC Trading agreed to purchase additional copper cathode from MRI Trading at a contract consideration of USD 7,452,090.08 (equivalent to approximately HKD 58,126,302.62).

According to the announcement, the materials are LME-registered Grade A copper cathode originating from the Democratic Republic of the Congo, in a quantity of 501 tonnes plus or minus 5% at MRI Trading's determination, shipped in August 2026 and expected to arrive on 14 September 2026; delivery is on a cost, insurance and freight (CIF) basis to a container yard in Shanghai, China, under Incoterms 2020. The consideration is based on the floating copper price quoted by the London Metal Exchange and may carry a premium of USD 47.00 per tonne. On payment, TMSC Trading is to pay 103% of the provisional payment by telegraphic transfer upon sight of a scanned copy of the original bill of lading marked freight prepaid at MRI Trading's Shanghai office, with any final balance settled within five business days after the final invoice is issued and the final value confirmed.

The announcement noted that, under the second sales contract, Jitis Shipping agreed to purchase copper cathode at a contract consideration of not more than USD 5,000,000 (approximately HKD 39,000,000), but only USD 1,424,579.91 (approximately HKD 11,111,723.30) was transacted due to insufficient supply of copper cathode from Chile; following the third sales contract, MRI Trading and Jitis Shipping will not continue to transact the remaining amount of USD 3,575,420.09 (approximately HKD 27,888,276.70) under the second sales contract.

The announcement stated that TMSC Trading is an indirect subsidiary of HNA Xinguan, the controlling shareholder holding approximately 51.26% of the issued shares, and is therefore a connected person of the company under Chapter 14A of the Listing Rules, making the third sales contract a connected transaction; as the second and third sales contracts were entered into with two indirect subsidiaries of HNA Xinguan within a 12-month period, they are aggregated under Rule 14A.81, and as one or more applicable percentage ratios (other than the profits ratio) exceed 0.1% but are below 5%, the third sales contract is subject to the reporting and announcement requirements but exempt from circular and independent shareholders' approval requirements. The company said the contract further enhances its commodity trading opportunities, and the directors consider it to be entered into in the ordinary and usual course of business on normal commercial terms or better, fair and reasonable and in the interests of the company and shareholders as a whole.

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