SEACON (02409) has announced that it has recently entered into discussions with Cetus Maritime Holdings Limited, an exempted company incorporated under the laws of the Cayman Islands, regarding a potential divestment of certain of its subsidiaries that own vessels. The talks with the potential buyer are centered on a transaction that would involve the proposed acquisition of interests in 13 vessels, referred to as the SEACON fleet.

As part of the ongoing negotiations, the transaction structure being considered may involve the acquisition of several of SEACON's ship-owning subsidiaries, which hold the interests in the identified vessels. Based on information currently available to the company, if the potential sale proceeds, it is expected to constitute a major transaction under Chapter 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

According to the discussions, the total consideration for the potential sale will be determined by reference to the net valuation of the SEACON fleet, and is slated to be settled in two parts. A portion of the consideration, currently proposed at 30% of the total, is to be paid in cash. The remaining balance, currently proposed at 70% of the total, will be settled through the allotment and issuance of ordinary shares of the potential buyer, or its affiliates, immediately prior to their anticipated initial public offering, as the potential buyer seeks a listing on an overseas stock exchange. The number of shares to be issued will be calculated based on the net asset value of the respective fleets and entities as agreed upon by the parties involved.

As of the date of this announcement, no definitive or legally binding agreement has been executed in relation to the potential sale.