Brightoil In for Ten Vessels

By Joseph R. Fonseca
Friday, January 01, 2016
Photo Courtesy Brightoil

 

Singapore Subsidiary and Shenzhen Brightoil Shipping yesterday entered into the Vessels Acquisition Agreement, pursuant to which Shenzhen Brightoil Shipping agrees to sell, and Singapore Subsidiary agrees to purchase ten Vessels for a total cash consideration of US$84,000,000 (equivalent to approximately HK$651,030,240).

Shenzhen Brightoil Shipping is a connected person of the Company under the Listing Rules. The entering into the Vessels Acquisition Agreement with Shenzhen Brightoil Shipping constitutes therefore a connected transaction for the Company.

As the highest applicable percentage ratio in respect of the transaction contemplated under the Vessels Acquisition Agreement exceeds 0.1% but is less than 5%, this transaction is subject to the
reporting and announcement requirements but exempt from independent shareholders’ approval requirements under Chapter 14A of the Listing Rules.

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