CTF Services Limited — Board/Management Information 2020

Nov 6, 2020

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.

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ASIA ENERGY LOGISTICS GROUP LIMITED 亞洲能源物流集團有限公司

(Incorporated in Hong Kong with limited liability)

(Stock Code: 351)

CHANGE OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND CHANGE OF COMPOSITION OF BOARD COMMITTEE

This announcement is made by Asia Energy Logistics Group Limited（亞洲能源物流集團 有限公司） (the “ Company ”, together with its subsidiaries, the “ Group ”) pursuant to Rule 13.51(2) of the Rules Governing the Listing of Securities of The Stock Exchange of Hong Kong Limited (the “ Listing Rules ”).

RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR

The board of directors of the Company (the “ Board ”) hereby announces that Mr. Chan Sing Fai (“ Mr. Chan ”) has tendered his resignation as an independent non-executive director of the Company with effect from 6 November 2020 as he would like to spend more time to pursue his own business. As a result, Mr. Chan also ceased to be member of Audit Committee with effect from the same date. Mr. Chan has confirmed that he has (i) no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited; and (ii) no claim whatsoever against the Company for fees, compensation for loss of office, remuneration, severance payments, pension, expenses or otherwise.

APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

The Board is pleased to announce that, Mr. Hon Ming Sang (“ Mr. Hon ”), has been appointed as an independent non-executive director of the Company and member of Audit Committee and Remuneration Committee with effect from 6 November 2020. The biographical details of Mr. Hon are set out below.

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Mr. Hon, aged 41, graduated with an honor degree of Professional Accountancy in the School of Accountancy from The Chinese University of Hong Kong. He is a CFA charterholder. Mr. Hon is a member of the Hong Kong Society of Financial Analysts, a member of the Hong Kong Institute of Certified Public Accountants, a fellow member of the Association of Chartered Certified Accountants, an associate member of The Hong Kong Institute of Chartered Secretaries and an associate member of the Chartered Governance Institute.

Mr. Hon was an independent non-executive director of SFund International Holdings Limited (a company listed on the Main Board of the Stock Exchange with stock code: 1367) from November 2016 to February 2017 and has been re-designated to its executive director since February 2017. Mr. Hon has been an independent non-executive director of CEFC Hong Kong Financial Investment Company Limited (a company listed on the Main Board of the Stock Exchange with stock code: 1520) since November 2016 and Finsoft Financial Investment Holdings Limited (a company listed on the GEM of the Stock Exchange with stock code: 8018) since June 2020, respectively. He was an executive director of China Smarter Energy Group Holdings Limited (a company listed on the Main Board of the Stock Exchange with stock code: 1004) from December 2012 to August 2017.

The Company entered into a service agreement with Mr. Hon commencing from 6 November 2020 for a fixed term of 3 years with termination of not less than three months’ notice in writing served by either party. Mr. Hon will hold office until the next general meeting of the Company after his appointment and is subject to retirement by rotation and re-election at the general meetings of the Company in accordance with the Byelaws of the Company. Under the service agreement, Mr. Hon will be entitled to receive a director’s remuneration of HK$180,000 per annum determined by reference to his duties and responsibilities within the Company. Mr. Hon will be entitled to discretionary bonus payment which shall be determined by the Board by reference to the Company’s performance and market benchmarks.

Save as disclosed above, as at the date of this announcement, Mr. Hon (i) has not held any positions with the Company and other members of the Group; (ii) has not held any other directorship in public companies the securities of which are listed on any securities market in Hong Kong or overseas in the last three years; (iii) does not have any other major appointments and professional qualifications; (iv) does not have any other relationship with any directors, senior management or substantial or controlling shareholders of the Company; and (v) does not have any interests in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the “ SFO ”).

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Save as disclosed above, there is no other information required to be disclosed pursuant to any of the requirements under Rule 13.51(2)(h) to (v) of the Listing Rules and there are no other matters in connection with the appointment of Mr. Hon as an independent non-executive director that needs to be brought to the attention of the shareholders of the Company.

CHANGE OF COMPOSITION OF BOARD COMMITTEE

Mr. Sun Peng (“ Mr. Sun ”), an existing Executive Director of the Company, ceased to be member of the Remuneration Committee, with effect from 6 November 2020 upon the appointment of Mr. Hon as an independent non-executive director of the Company and member of Remuneration Committee and Audit Committee. Mr. Sun remains as Executive Director of the Company and member of Executive Committee of the Board.

The Board would like to take this opportunity to extend its gratitude to Mr. Chan for his efforts and valuable contributions to the Company during his tenure of office in the Company and would like to express its welcome to Mr. Hon for joining the Board.

By order of the Board Asia Energy Logistics Group Limited Pang Yuet Chairman and Executive Director

Hong Kong, 6 November 2020

As at the date of this announcement, the executive Directors of the Company are Mr. Pang Yuet (Chairman), Ms. Jian Qing and Mr. Sun Peng; and the independent non-executive Directors of the Company are Mr. Ng Kwun Wan, Mr. Wong Cheuk Bun and Mr. Hon Ming Sang.

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