China Merchants China Direct Investments (HKG:0133) plans to re-appointment China Merchants China Investment Management as its investment manager for another three years.
The company plans to propose the re-appointment at its extraordinary general meeting to be convened on Nov. 29, a Friday Hong Kong bourse filing said.
CMCIM, the investment manager, has been serving as the company's investment manager since Oct. 18, 2021 under the existing agreement, which will expire on Dec. 31.
The term of the new investment management agreement starts on Jan. 1, 2025 and expires on Dec. 31, 2027.
The company has negotiated a reduction of 25 basis points across the management fees with CMCIM while keeping the existing fee structure for the new agreement.
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