PYI : UPDATE ON MAJOR TRANSACTION IN RELATION TO THE DISPOSAL OF 51% EQUITY INTEREST IN YICHANG PORT GROUP LIMITED - RECEIPT OF FINAL PAYMENT FOR THE DISPOSAL

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PYI Corporation Limited

(Incorporated in Bermuda with limited liability)

(Stock Code: 498)

UPDATE ON MAJOR TRANSACTION IN RELATION TO THE DISPOSAL

OF 51% EQUITY INTEREST IN

宜昌港務集團有限責任公司 (YICHANG PORT GROUP LIMITED*)

RECEIPT OF FINAL PAYMENT FOR THE DISPOSAL

Reference are made to the announcement of PYI Corporation Limited (the "Company") dated 22 May 2019, the circular of the Company dated 10 June 2019 (the "Circular") and the announcements of the Company dated 26 June 2019, 27 June 2019 and 4 July 2019 respectively in relation to the disposal of 51% equity interest in 宜昌港務集團有限責任公司 (Yichang Port Group Limited*). Unless otherwise specified, capitalised terms used in this announcement shall have the same meanings as those defined in the Circular.

The Board is pleased to announce that the Vendor has on 5 September 2019 received the balance payment of the Consideration in the sum of approximately RMB56.4 million being the aggregate of: (i) 15% of the Net Consideration in the sum of approximately RMB53 million; and (ii) the Adjustment less the applicable PRC withholding tax for the Adjustment in the sum of approximately RMB3.4 million. As such, upon taking into account the Adjustment and the applicable PRC withholding tax, the amount of the Consideration for the Disposal in the total sum of approximately RMB356.4 million has been received in full by the Vendor.

By Order of the Board

PYI Corporation Limited

Lau Tom Ko Yuen

Chairman and Managing Director

Hong Kong, 6 September 2019

As at the date of this announcement, the composition of the Board is as follows:

Mr. Lau Tom Ko Yuen	: Chairman and Managing Director
Mr. Sue Ka Lok	: Executive Director
Ms. Wu Yan Yee	: Executive Director
Mr. Chan Shu Kin	: Independent Non-Executive Director
Ms. Wong Lai Kin, Elsa	: Independent Non-Executive Director
Mr. Leung Chung Ki	: Independent Non-Executive Director
* For identification purpose only