Shenzhen Brightoil Shipping News

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. reporting and announcement requirements but exempt from independent shareholders’ approval requirements under Chapter 14A of the Listing Rules.