Tianjin Haisheng Lanrui Iron and Steel Trading Co., Ltd. and Tianjin Jianghao Logistic Co., Ltd. entered into an agreement to acquire Tianjin Pacific Container Co. Ltd. from Singamas Container Holdings Limited (SEHK:716) for approximately CNY 130 million on June 22, 2020. Payment of CNY 52.8 million from the total consideration shall be paid within 5 days from the agreement and upon satisfaction of conditions, payment of CNY 39.6 million upon the issuance of new business license of the Tianjin Pacific Container, the obtaining of remittance proof issued by State Taxation Administration of the PRC and Singamas Container Holdings having released and returned the intention payment and admission fee of the same amount paid by the Tianjin Jianghao Logistic for the disposal. Payment of CNY 34.6 million within three days after the Tianjin Pacific Container completes tax registration procedures on the transfer of sale interest and the remaining payment of CNY 5 million being the security fund for the withholding tax amount payable by the Singamas Container Holdings in respect of the transfer of the sale interest, shall be applied to pay the Tax and any balance shall be paid to the Singamas Container Holdings within three days after tax clearance obtained by the Tianjin Jianghao Logistic on behalf of the Singamas Container Holdings. The directors of Singamas Container Holdings are of the opinion that the disposal is on normal commercial terms which are fair and reasonable and in the interests of Singamas Container Holdings and its shareholders as a whole. As of December 31, 2020, Tianjin Pacific Container reported revenue of CNY 0.81 million, net loss before tax of CNY 17.53 million, net loss after tax of CNY 17.53 million and net asset value of CNY 12.17 million. The transaction is expected to be completed on or before September 30, 2020. From this transaction, Singamas Container Holdings and its subsidiary expects to write-off the outstanding current account balances due from Tianjin Pacific Container to the Group of approximately CNY 103 million upon completion.