China Oilfield Services Limited (COSL) has released its AGM circular outlining key proposals for shareholder approval on 22 May 2026 in Hebei, China.
Dividend Proposal • A final dividend of RMB0.2825 per share (tax inclusive) is planned, based on 4,771.59 million shares, equal to RMB1.35 billion. • Payment is targeted on or before 30 June 2026; the H-share register will be closed 11–16 June for entitlement determination.
Audit & Financials • Ernst & Young Hua Ming LLP and Ernst & Young are nominated to remain as PRC and international auditors, respectively, for 2026. • 2025 audit fees totalled RMB17.81 million, with the 2026 fee structure to follow the same principles.
Capital Management Mandates • Buy-back: The Board seeks authority to repurchase up to 10% of each share class—up to 296.05 million A shares and 181.11 million H shares—within 12 months. • Issue: A fresh mandate would allow the Board to allot up to 20% of existing H-share capital, equivalent to 362.22 million shares.
Financing & Guarantees • Wholly owned subsidiary COSL Middle East FZE plans to renew USD698 million in one-year loans (USD400 million with Bank of China (Hong Kong), USD98 million with HSBC, USD200 million with Agricultural Bank of China Hong Kong Branch); COSL will provide guarantees. • The Company proposes new guarantee limits for subsidiaries: up to RMB5.60 billion for financial guarantees and up to RMB24.10 billion for performance guarantees, lifting total external guarantees to about RMB41.60 billion.
Governance & Remuneration • Shareholders will vote on a new Remuneration Management System for directors and senior executives. • The 2026 director remuneration plan sets independent director fees at RMB0.40 million per person per year; internal directors receive remuneration linked to management roles.
Key Dates • AGM: 22 May 2026, 10:00 a.m. (H-share register closed 19–22 May). • H-share class meeting: 22 May 2026, 10:30 a.m. • Final-dividend record date: 10 June 2026.
Proxy forms must be lodged at Computershare Hong Kong Investor Services no later than 24 hours before the respective meetings.