Seacon Shipping Group Holdings Limited (Stock Code: 2409) announced the novation of rights and obligations related to six shipbuilding contracts to wholly owned subsidiaries of CIMC Xinde Leasing (Shenzhen) Co., Ltd. On November 28, 2025, these subsidiaries (the Buyers), the Seller, and an indirect wholly owned subsidiary of Seacon Shipping Group Holdings Limited (the Previous Buyer) entered into agreements under which the Buyers assume all obligations for the construction of six 5,200 dwt multi-purpose dry cargo vessels.

The aggregate consideration is approximately US$12.3 million, equal to all amounts paid under the original contracts by the Previous Buyer. Upon completion, the six contracts remain in force with certain amendments set out in the novation agreements. According to the announcement, the Group does not expect any gain or loss from this transaction because the consideration matches the sums already paid for the vessels. The net proceeds are to be used for potential vessel acquisitions and general working capital.

Since this transaction takes place within 12 months of earlier finance lease arrangements with subsidiaries of CIMC Xinde Leasing (Shenzhen) Co., Ltd., the deals must be aggregated under the Listing Rules. The highest applicable percentage ratio exceeds 25% but is less than 100%, qualifying the novation as a major transaction subject to reporting, announcement, and shareholders’ approval. Shareholder voting requirements have already been satisfied through an irrevocable written approval from a closely allied group holding 57.75% of the Company’s issued share capital.

A circular providing additional information about the novation is expected to be dispatched on or before December 19, 2025.