OOIL (00316) announced that the company has received notifications from COSCO Shipping Holdings (Hong Kong) Limited and Faulkner Global Holdings Limited (Faulkner, a wholly-owned subsidiary of COSCO SHIP HOLD Hong Kong). On December 11, 2025, they entered into a share transfer agreement, under which Faulkner agreed to sell, and COSCO SHIP HOLD Hong Kong agreed to purchase, 469 million shares of the company.

Following the completion of the transfer, Faulkner will no longer hold any shares in the company and will cease to be its controlling shareholder. Meanwhile, COSCO SHIP HOLD Hong Kong will directly hold 469 million shares, representing approximately 71.07% of the company's total issued share capital as of the announcement date.

Additionally, OOIL has been informed that COSCO SHIP HOLD Hong Kong has applied to the Hong Kong Securities and Futures Commission (SFC) for an exemption from the mandatory general offer obligation arising from the transfer. The SFC has granted the exemption under Note 6(a) to Rule 26.1 of the Hong Kong Code on Takeovers and Mergers.