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Wednesday, October 16th, 2019

Agritrade Resources : Announcements and Notices – Discloseable Transaction in Relation to Acquisition of A Vlcc Grade Oil Tanker

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by October 28, 2016 General

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.(Incorporated in Bermuda with limited liability)(Stock Code: 1131)DISCLOSEABLE TRANSACTION IN RELATION TO ACQUISITION OF A VLCC GRADE OIL TANKERThe Board is pleased to announce that on 28 October 2016 (after trading hours), the Buyer, a direct wholly-owned subsidiary of the Company, entered into the Agreement with the Seller, in relation to the acquisition of the Vessel at a consideration of US$23.7 million (approximately HK$183,700,000).As the applicable percentage ratios as set out in the Listing Rules in respect of the Acquisition are more than 5% but less than 25%, the Acquisition constitutes a discloseable transaction for the Company under Rule 14.06 of the Listing Rules and is required to be disclosed by way of announcement.INTRODUCTIONThe board (the “Board”) of directors (the “Director(s)”) of Agritrade Resources Limited (the “Company”, together with its subsidiaries referred to as the “Group”) is pleased to announce that on 28 October 2016 (after trading hours), Fair Cypress Limited (the “Buyer”), a direct wholly-owned subsidiary of the Company, as buyer, entered into a memorandum of agreement (the “Agreement”) with Chris Tanker Corporation (the “Seller”), as seller, in relation to the acquisition (the “Acquisition”) of a very large crude carrier (the “VLCC”). A summary of the major terms of the Agreement is set out below.THE AGREEMENT Date: 28 October 2016 Parties:

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