MECOM (1183) Announces HK$100.00 Million FX Hedging Contracts

Bulletin Express02-26 21:02

MECOM Power and Construction Limited (1183) disclosed that its non-wholly owned subsidiary, MECOM New Materials, entered into ten foreign exchange hedging contracts on 26 February 2026 with a commercial bank in the PRC. The total principal amount of these contracts is 100.00 million Hong Kong dollars, aimed at hedging RMB/HK$ currency risk arising from purchases of steel materials denominated in RMB and sales of construction materials denominated in HKD.

According to the announcement, each contract covers a 10.00 million Hong Kong dollar principal, with effective exchange rates ranging from HK$1 to RMB0.8813 to HK$1 to RMB0.8749. The associated settlement periods span from June 2026 to March 2027, and MECOM New Materials will pay a security deposit of 4.88 million Renminbi, placed as restricted deposits in the bank.

The transaction constitutes a discloseable transaction under Chapter 14 of the Listing Rules, with the highest applicable percentage ratio exceeding 5% but remaining below 25%. MECOM Power and Construction Limited stated that the terms are on normal commercial grounds and that similar foreign exchange hedging transactions may be entered in the future, depending on exchange rate developments. The group primarily engages in research and development and sales of new construction materials, manufacturing and sales of intelligent equipment, construction services, and electric vehicle-related services.

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