Fujian Highton Development (603162.SH) subsidiary plans to invest no more than 1.2 billion yuan to construct a multi-purpose heavy lifting vessel.

Fujian Highton Development (603162.SH) announced that, in order to further expand its shipping capacity, improve the construction of its fleet system, enhance the company's competitiveness and market share, and strengthen its profitability, the board of directors has approved its wholly-owned subsidiary HAITONG INT'L Shipping Co., Ltd. (referred to as "HAITONG INT'L") to invest up to 1.2 billion yuan (excluding tax) to build four 62,000DWT multipurpose heavy lift vessels, and signed a shipbuilding contract with Taizhou Port Shipping Co., Ltd. This transaction is a prudent decision made based on the company's operational and development needs. It will help optimize the company's fleet structure, expand its fleet size, support China's advanced manufacturing industry in going global, and effectively enhance the company's competitiveness and market share, strengthen its profitability, and create greater value for shareholders, in line with the company's future strategic plans.