New Times Group Holdings (00166) announced that the Group operates the Los Blancos concession area (Los Blancos), located in the Salta province of northern Argentina, through its wholly-owned subsidiary, High Luck Group Limited ("HLG BVI"), a company incorporated in the British Virgin Islands, which includes its Argentine branch. The Group holds a 50% participating interest in the oil extraction at Los Blancos, while Pampa Energía S.A. (NYSE: PAM) holds the remaining 50% interest. Following the granting of the concession by provincial authorities in October 2020, the Group had the right to produce crude oil in Los Blancos for a period of 25 years (the Argentine Oil Business). On December 31, 2025, the Group's wholly-owned subsidiary, High Luck Holdings (Hong Kong) Limited, entered into a sale and purchase agreement with an independent third party, Lantau Tomorrow Development Inc. (the Buyer), for the sale of the entire issued share capital of HLG BVI. The Buyer's shareholders have been engaged in related businesses in Argentina over the past 18 years and are familiar with the Argentine commercial environment. The consideration was determined following fair negotiations between the contracting parties, with reference to HLG BVI's net asset value, the current market environment, and the business prospects of the Argentine Oil Business. The disposal was completed immediately on the date of the sale and purchase agreement, and HLG BVI ceased to be a subsidiary of the Group following the completion of the disposal. Consequently, the financial information of HLG BVI and its subsidiaries will no longer be consolidated into the Group's future financial statements. Furthermore, as a result of the disposal, the Group will cease to engage in the Argentine Oil Business. Through this disposal, the Group has fully divested all of its assets in Argentina. The sale of HLG BVI aligns with the Company's intention to exit the oil and gas business in northeastern Argentina. The disposal forms part of the Group's strategic initiatives to streamline its operations, reallocate resources to other business segments, and mitigate the geopolitical and operational risks associated with the Argentine Oil Business.