Rongsheng intends to transfer 1.013 billion shares of the company to strategic investor Aramco Overseas Company B.V.

Rongsheng Petrochemical announced that controlling shareholder Rongsheng Holdings intends to transfer 1.013 billion shares of the company to strategic investor Saudi Aramco's AOC for 24.3 yuan per share, with a total consideration of 24.6 billion yuan, a premium of nearly 90%.

Rongsheng Petrochemical Co., Ltd.:

Announcement on the introduction of overseas strategic investors and the signing of Strategic Cooperation Agreement

In order to introduce foreign strategic investors, Zhejiang Rongsheng Holdings Group Co., Ltd. (hereinafter referred to as "Rongsheng Holdings" or "transferor"), the controlling shareholder of Rongsheng Petrochemical Co., Ltd. (hereinafter referred to as "the Company" or "Rongsheng Petrochemical") and Aramco Overseas CompanyB.V, a wholly owned subsidiary of strategic partner Saudi Arabian Oil Company (hereinafter referred to as "Saudi Aramco"). (Hereinafter referred to as "the transferee" or "AOC") signed the "Share Sale and Purchase Agreement", intending to transfer its 1012552501 shares of the company to AOC by way of agreement transfer. At the same time, Rongsheng Petrochemical and Saudi Aramco signed the "Strategic Cooperation Agreement" (hereinafter referred to as "this Agreement"), establishing a strategic cooperative relationship. The company and its subsidiaries have signed a series of business cooperation agreements with Saudi Aramco and/or its affiliated parties under the Strategic Cooperation Agreement to promote the realization of their respective strategic objectives and long-term sustainable development.