HONG KONG, Jan. 27, 2014 /PRNewswire/ -- The board of directors of China Public Procurement Limited (HKEx stock code: 1094, the "Company" or "CPP") announced that its PRC Partner, Guocai Science & Technology Company Limited, entered into a Business Cooperation Agreement with Trade Development & Cooperation Centre of China Council for the Promotion of International Trade ("China Trade Development Centre") in relation to their mode of cooperation in the proposed projects regarding the operation of the public procurement platforms operated by the PRC Partner and the convention centre in Guanggu, the PRC.
According to the Business Cooperation Agreement, a company is expected to be established in 2014 for the provision of professional convention services. The said company shall be responsible for the operation of the convention centre in Guanggu, the PRC, including but not limited to the provision of convention-related consultation, marketing, operational and technical support services and the coordination of resources for its operation. Further, the PRC Partner and the China Trade Development Centre agreed that the cooperation channels of the China Trade Development Centre and its supervising body, namely the China Council for the Promotion of International Trade, in international trade, including the trade associations of China with countries of Arabia, Latin America and Eastern Europe, may be utilised in the development of the procurement business and trade and investment projects of the PRC Partner in overseas markets.
The China Trade Development Centre also agreed to incorporate into the public procurement platforms operated by the PRC Partner (i) certain legal services provided by China International Trade Council, including but not limited to, legal services regarding international trade arbitration and international intellectual property; and (ii) services related to the International Trade Disputes Settlement Advisory Council of the China Council for the Promotion of International Trade to provide local and foreign customers trading on such public procurement platforms with dispute resolution and consultation services in relation to trade disputes.
According to the Business Cooperation Agreement, in support of their cooperation in the proposed projects, the PRC Partner agreed to procure the transfer of 2% equity interest in the PRC Partner to the China Trade Development Centre or its subsidiary as nominated by it.
