Annual Report 2024

125 2024 Annual Report Transport International Holdings Limited (b) SUN BUS LIMITED Shuttle Bus Services Contracts with certain subsidiaries of SHKP As described in note 35(a) to the financial statements on pages 262 to 263 of this Annual Report, Sun Bus Limited has entered into various shuttle bus services contracts (“ Shuttle Bus Services Contracts ”) with certain subsidiaries of SHKP, pursuant to which Sun Bus Limited agreed to provide and operate various shuttle bus services. The service fees for the provision of the shuttle bus services were charged in accordance with the rates specified in the relevant contracts, ranging from approximately HK$300 to HK$600 per hour per bus, which were determined after taking into account factors such as the number and model of buses requested, the days and hours of services requested, the relevant costs and expected loads and routes, using the prevailing market rates as a price indicator, namely, the service fees charged for similar bus operations in the market. The transactions contemplated under the Shuttle Bus Services Contracts constitute continuing connected transactions of the Company, particulars of which were disclosed in the announcement of the Company dated 21 March 2024 respectively. The cap amounts of the service fees estimated to be receivable by Sun Bus Limited under the Shuttle Bus Services Contracts for the year ended/ending 31 December 2024 and 2025, as disclosed in the announcement dated 21 March 2024, were HK$7,661,000 and HK$9,427,000 respectively. Such annual cap amounts were determined with reference to the historical amounts, the rates specified in the relevant contracts and the expected possible demand for the services. For the year ended 31 December 2024, the service fees received and receivable by Sun Bus Limited (inclusive of the fees for basic services, overtime services, on-demand additional services, and toll charges) under the Shuttle Bus Services Contracts amounted to HK$6,700,000 (2023: HK$5,370,000). The transactions contemplated under the Shuttle Bus Services Contracts are only subject to the applicable reporting, announcement and annual review requirements of the Listing Rules but are exempt from the independent shareholders’ approval requirement. (c) KT REAL ESTATE LIMITED (“KTRE”) The Office Premises Leasing Management Agreement and the Retail Premises Leasing Management Agreement with Sun Hung Kai Real Estate (Sales and Leasing) Agency Limited (“SHKRE(SL)”) and the Property Management Agreement with Kai Shing Management Services Limited (“KSMS”) As described in note 35(a) to the financial statements on pages 262 to 263 of this Annual Report, on 29 December 2022, KTRE and Turbo Result Limited, a wholly-owned subsidiary of SHKP, (being the owners in equal shares as tenants in common of The Millennity located at No.98 How Ming Street, Kwun Tong) entered into the Office Premises Leasing Management Agreement and Retail Premises Leasing Management Agreement with SHKRE(SL), a wholly-owned subsidiary of SHKP, pursuant to which SHKRE(SL) was appointed as the exclusive marketing and leasing agent and administrators for the units in the office and retail premises and parking spaces in The Millennity for a term of three years commencing from 1 January 2023 to 31 December 2025 (the “ 2023-2025 Office and Retail Premises Leasing Management Agreements ”). On 29 December 2022, KTRE and TRL entered into the Property Management Agreement with KSMS, a wholly-owned subsidiary of SHKP, pursuant to which KSMS was appointed as the property manager for the units in the office/retail premises in The Millennity for a term of three years commencing from 1 January 2023 to 31 December 2025 (the “ 2023-2025 Property Management Agreement ”). The transactions contemplated under the 2023-2025 Office and Retail Premises Leasing Management Agreements and the 2023-2025 Property Management Agreement constitute continuing connected transactions of the Company, particulars of which were disclosed in the announcements of the Company dated 29 December 2022.