SEACON (02409) intends to sell 100% equity interest in SEACON's subsidiary and enter into a time charter arrangement, with a total consideration of approximately US$134 million.

SEACON (02409) announces that on October 1, 2026, the Company, Seacon Shipping, and the buyer Cetus Maritime Holdings Limited (an exempted company incorporated under the laws of the Cayman Islands) entered into the agreement, pursuant to which: the Company and Seacon Shipping agreed to sell, and the buyer agreed to purchase, 100% equity interest in Seacon's subsidiaries, which hold interests in the first group of vessels; and the Company and Seacon Shipping agreed to procure their respective subsidiaries (as owners) to enter into time charter arrangements with the buyer (or its respective designated subsidiaries) (as charterers), with a total consideration of US$134 million. The consideration under the agreement shall be paid as follows: 30% in cash, amounting to US$40,083,500, and 70% through the allotment and issuance of consideration shares by the buyer to the Company in connection with the buyer's proposed listing. The disposal aligns with the Group's ongoing strategy to optimize its fleet by maintaining a balanced fleet portfolio. The Directors believe that the disposal represents an opportunity to sell vessels at a reasonable price, which will enable the Group to improve its working capital position, further strengthen its liquidity, and provide funding for the acquisition of new vessels to optimize the Group's fleet portfolio. The Company will continue to monitor current market conditions in the shipping industry and monitor and adjust the Group's fleet portfolio in a timely manner. The Board believes that the disposal will enable the Group to realize part of its investment in the vessels in exchange for equity interest in the proposed listing buyer. The subscription of consideration shares will enable the Group to retain an economic interest in the enlarged shipping platform and participate in its future growth and development.