China Marine Bunker (Petro China) Co., Ltd. agreed to acquire additional 18% stake in Double Rich Limited from COSCO SHIPPING International (Hong Kong) Co., Ltd. (SEHK:517) for $ 8.8 million on June 28, 2022. Double Rich generated the net profit after tax of $ -32,869,409 and net asset of $ 42,425,232 for the financial year 2021. Completion is subject to the fulfilment of the following conditions precedent (1) COSCO SHIPPING International having completed the requisite procedures for the Agreement and the transactions contemplated thereunder in accordance with the requirements under the Listing Rules (2) the corporate approvals of the China Marine Bunker on the Agreement and the transactions contemplated there under having been obtained; and (3China Marine Bunker having obtained such necessary authorisations, approvals, consents, exemptions and licenses required for the Agreement and the transactions contemplated thereunder from the competent regulatory authorities in accordance with the applicable laws and regulations.

Completion will take place within fifteen working days after the fulfilment of the conditions precedent set out above.