SITC International Exercises Options for Construction of Two Container Vessels

negotiations, confirmed by the company's Board as fair and reasonable. The construction of these vessels is classified as a discloseable transaction under Hong Kong's Listing Rules since the applicable percentage ratios are above 5% but below 25%. Consequently, SITC International Holdings Company Limited is abiding by Chapter 14 of the Listing Rules, entailing necessary reporting and announcement protocols. This strategic move aligns with the company’s mission to enhance its logistics and transportation capabilities across Asia. With the backing of solid negotiations and market evaluations, the directors, inclusive of the independent non-executive directors, have endorsed this venture as being in the best interest of both the company and its shareholders. Financing for this ambitious project will be sourced through a combination of internal resources and external avenues, ensuring a comprehensive approach to financial management. The phased payment structure set by the builder, Huanghai Shipbuilding Co., Ltd. , demonstrates a careful alignment of financial obligations with construction milestones. The company's executive team, led by Chairman Yang Xianxiang, comprises Mr. Xue Mingyuan, Mr. Liu Kecheng, and Mr. Lai Zhiyong, with Ms. Yang Xin serving as the non-executive director. The independent non-executive directors are esteemed members including Mr. Tse Siu Ngan, Dr. Liu Ka Ying, Rebecca, and Dr. Hu Mantian (Mandy).