CHINA MER PORT (00144): HIPG and Ocean Offshore Enter into a Structured Lease Agreement

CHINA MER PORT (00144) announced that on November 3, 2026, HIPG (an indirect subsidiary of the Company) entered into a structured lease agreement with Ocean Offshore. Pursuant to the structured lease agreement, HIPG agreed to transfer to Ocean Offshore all legal and beneficial rights, title and interests in the equipment, and Ocean Offshore agreed to accept and be granted all legal and beneficial rights, title and interests in the equipment, so as to enable Ocean Offshore to subsequently lease the equipment back to HIPG immediately during the lease term. On the same date, as security for HIPG's performance of its obligations under the structured lease agreement, HIPG entered into a lessee's assignment with Ocean Offshore, pursuant to which HIPG assigned to Ocean Offshore, among other things, the rights and interests in the insurance relating to the equipment and under any claims for compensation. The leased assets are the equipment, namely 22 container handling equipment units located at Hambantota International Port, comprising 5 quay cranes, 1 feeder vessel dedicated quay crane and 16 yard cranes. The total carrying amount of the equipment is US$90.7475 million (equivalent to approximately HK$707.83 million), equal to its original cost, as the equipment is newly manufactured and has not yet been put into use. The Directors (including the independent non-executive Directors) consider that the structured lease agreement and the lessee's assignment were entered into on normal commercial terms in the ordinary and usual course of business of the Group, and that the terms of the structured lease agreement and the lessee's assignment are fair and reasonable and in the overall interests of the Company and its shareholders.