China Public Procurement Limited entered into a RMB 4.2 billion worth of sales agreement of coal
HONG KONG, May 24 /PRNewswire-Asia/ -- China Public Procurement Limited (HKEx: 1094, the "Company" or "CPP") is pleased to announce that the company has entered into agreement with the Fifth Engineering Co., Ltd ("Coal Buyer") of China Railway 18th Bureau Group Co., Ltd. where the Group will supply not less than 6 million tons of coal in coming one year with worth of RMB 4.2 billion as referred to current market price.
According to the agreement, the Company will supply the said amount of coal in one year. 80% of the procurement amount will be pre-paid by the Coal Buyer in advance. This agreement is another step forward, riding on the previous procurement agreement, where the Company has entered into with Hua Tie in February, to provide not less than RMB 300 billion worth of service on procuring equipment, facilities and materials by the end of 2012.
Commenting on the agreement, Mr. Song Lianzhong, deputy chairman of the Company, said, "the signing of this sales agreement of coal is a further concrete step forward to the development of the Group's public procurement business. We are confident that the Company will enter into more procurement agreement in the near future, thus enhancing our profit. We will continue to look for sales and expansion opportunities."
For media inquiries, please contact:
Stimulus Investor Relations Ltd.
Alex Wong
Tel: +852-6899-0255
Email: [email protected]
Casey Tang
Tel: +852-9200-3513
Email: [email protected]
SOURCE China Public Procurement Limited
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