AEON Stores (Hong Kong) Co., Limited announced that on 28 February 2023, the Company and AEON Credit entered into the Licence Agreement pursuant to which the Company gives AEON Credit the right to use the Shop for a fixed term of one year from 28 February 2023 to 27 February 2024 at licence fees of HKD 282,426 per month exclusive of government rates and management fees. Previously, the Company and AEON credit entered into the Previous Licence Agreement in respect of the Previous Shop which was for a term of one year from 1 April 2022 to 31 March 2023. The Previous Licence Agreement constituted de minimis transactions pursuant to Rule 14A.76(1) of the Listing Rules.

As the transactions contemplated under the Licence Agreement are of similar nature and in the same Premises with those under the Previous Licence Agreement and both the Licence Agreement and the Previous Licence Agreement will be carried out on a continuing basis over a small period of time, the annual caps of all such continuing connected transactions are aggregated in accordance with Rule 14A.81 of the Listing Rules. During the term of the licence, AEON Credit shall pay to the Company: a licence fees of HKD 282,426 per month exclusive of rates and management fees; the rates assessed or charged on the Shop, provided that if no separate assessment is made in respect of the Shop, at a sum equal to 5% of the licence fee per month, subject to adjustment at the Company's discretion on account of any change in the valuation of the Premises for the purpose of assessment on the ratable value of the Premises; all charges for utilities in respect of the Shop (unless separate account is maintained with the utility companies; a monthly management fees of HKD 13,710 or such other increased rate as the Company shall from time to time decide; a fitting out management fee of HKD 43,872; a grand opening promotion levy of HKD 9,000; and a deposit of HKD 564,852.