SITC Divests Vessel in Strategic Connected Transaction

SITC International Holdings Co., Ltd. (HK:1308) has released an update.

SITC International Holdings has announced the sale of a 907 TEU container vessel, ‘Hai Feng Hai Kou’, to a connected party for approximately US$5.5 million, based on an independent valuation. The deal is part of a connected transaction with Qingdao SITC, which is related to the company’s key personnel and is exempt from independent shareholder approval. This strategic disposal follows arm’s length negotiations and is subject to reporting and announcement requirements.

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