Geo-Jade Petroleum Corporation (600759.SH): Orient International Enterprise plans to acquire controlling stake in Intercontinental Resources through capital increase.

Geo-Jade Petroleum Corporation (600759.SH) announced that its wholly-owned subsidiary, Hong Kong DeRui, holds 100% of the equity of Intercontinental Resources. In order to supplement the funds needed for the production and operation of Intercontinental Resources and support its business development, Hong Kong DeRui plans to inject a total of $6.8 million in cash into Intercontinental Resources, while Orient International Enterprise, Capital plans to inject a total of $16.1 million in cash. After the completion of this capital increase, Hong Kong DeRui and Orient International Enterprise, Capital will hold 30% and 70% of Intercontinental Resources' shares, respectively. Intercontinental Resources' registered capital will increase from $100,000 to $23 million. The ultimate controlling shareholder of Orient International Enterprise, Capital has been deeply cultivating the fields of crude oil, natural gas, copper, gold, and other natural resources for over ten years. They have accumulated rich upstream project resources, long-term cooperative relationships, and operational experience in the industrial chain, possessing strong capabilities in resource integration and global allocation. In order to achieve deep integration between the resource and trade ends, enhance competitiveness and bargaining power in G-RESOURCES trade, Orient International Enterprise, Capital plans to acquire controlling rights over Intercontinental Resources through capital injection. They will establish Intercontinental Resources as a regional bulk commodity trading platform, build a market network and trade system, leverage their advantages in the entire industry chain in the energy and metal resource fields, effectively control the trading risks of the listed company, accelerate the development and growth of the resource trading business segment, strengthen their strategic layout in the natural resource trading field, and realize the value extension from resource investment to resource circulation.