Best Pacific enters lease agreements with connected person

Best Pacific International Holdings (HKEX: 2111) announced that its subsidiary, Dongguan BPT, has entered into lease agreements with Chin Lee for Buildings A, B, C, and D located in Xinsha Port Industrial Park. The leases, commencing on February 28, 2025, are for a three-year term. Chin Lee is considered a connected person as it is wholly-owned by Mr. Lu, triggering connected transaction requirements under the Hong Kong Listing Rules. The estimated right-of-use asset value is RMB22.56 million (approximately HK$24.44 million). The agreements will support the company's need for production and warehouse space. The rentals were determined based on prevailing market rates. Existing Xinsha Lease Agreement and the Lease Agreements are of similar nature and are entered into within a 12-month period, as such they shall be aggregated. The board, excluding interested directors, approved the transactions, deeming them fair and reasonable.