Court Issues Asset Freeze Order Affecting Major Shareholder of NAN NAN RES

Stock News06-04

The company has been notified that the Hong Kong Court of First Instance has issued a worldwide Mareva injunction against An China International Oil Company Limited.

The order is connected to legal proceedings initiated by SOCIEDADE NACIONAL DE COMBUSTÍVEIS DE ANGOLA – EMPRESA PÚBLICA as the plaintiff against An China International as the defendant in the Hong Kong High Court.

Under the terms of the injunction, An China International is prohibited from removing certain assets from Hong Kong and from selling, dealing with, or diminishing the value of these specified assets.

These assets notably encompass all shares and convertible bonds of the company held by Jin Biao Investment Limited, a wholly-owned subsidiary of An China International.

The order is set to remain in effect until July 3, 2026, inclusive, unless it is varied or discharged prior to that date.

The company's board of directors believes the injunction pertains solely to An China International and its subsidiary Jin Biao, which is a controlling shareholder of the company.

Furthermore, neither the company itself nor any of its subsidiaries are named as parties to the order or as defendants in the underlying legal action.

Consequently, the board is of the opinion that this development will not have any adverse impact on the business and operations of the company.

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