The Board of Gold Peak Industries (Holdings) Limited announced that on 5 January 2018, Ningbo GP, an indirect 70%-owned subsidiary of GP Batteries, entered into the Construction Agreement with Ningbo Construction in relation to the construction of the Factory Premises at the Consideration of RMB 70 million (or approximately HKD 84 million). The Factory Premises are intended to be used by the ZYNB Group as the factory for production of alkaline batteries. Ningbo Construction shall be responsible for the construction and engineering works of the Factory Premises based on the technical specifications as required under the Construction Agreement and the maintenance of the Factory Premises during the warranty period of 36 months and various maintenance periods for different parts of the Factory Premises ranging from 2 years to 5 years, all commencing from the date of passing the completion inspection of the Factory Premises. The construction period of the Factory Premises will be 422 days from 10 January 2018 to 8 March 2019.