CTF Services Limited — Board/Management Information 2020

Oct 30, 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 BOARD COMPOSITION OF THE COMPANY AND BOARD COMMITTEES

The Board hereby announces that with effective from 30 October 2020,

1. Mr. Fu Yongyuan resigned as an Executive Director of the Company and ceased to be the chairman of Executive Committee and member of Remuneration Committee of the Company;

2. Mr. Wu Jian resigned as an Executive Director of the Company and ceased to be member of Executive Committee of the Company;

3. Mr. Pang Yuet, an Executive Director and Chairman of Nomination Committee of the Company, was appointed as Chairman of Executive Committee of the Company;

4. Mr. Sun Peng has been appointed as an Executive Director, member of Executive Committee and member of Remuneration Committee of the Company.

The board of directors (the “ Board ”) of Asia Energy Logistics Group Limited (the “ Company ”, together with its subsidiaries, the “ Group ”) is pleased to announce that with effect from 30 October 2020:

RESIGNATION OF EXECUTIVE DIRECTORS OF THE COMPANY

1. Mr. Fu Yongyuan (“ Mr. Fu ”) resigned as an Executive Director of the Company as he would like to spend more time to pursue his own business. As a result, Mr. Fu also ceased to be Chairman of Executive Committee and member of Remuneration Committee of the Company with effect from the same date.

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After his resignation, Mr. Fu will remain as a director of certain subsidiaries within the Group.

1. Mr. Wu Jian (“ Mr. Wu ”) resigned as an Executive Director of the Company as he would like to spend more time to pursue his own business. As a result, Mr. Wu also ceased to be member of Executive Committee with effect from the same date.

After his resignation, Mr. Wu will remain as a director of certain subsidiaries within the Group.

Each of Mr. Fu and Mr. Wu has confirmed that he has no disagreement with the Board and there is no other matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company.

APPOINTMENT OF EXECUTIVE DIRECTORS, CHAIRMAN AND MEMBER OF EXECUTIVE COMMITTEE AND MEMBER OF REMUNERATION COMMITTEE OF THE COMPANY

1. Mr. Pang Yuet (“ Mr. Pang ”), an Executive Director and Chairman of Nomination Committee of the Company, was appointed as Chairman of Executive Committee of the Company.

As at the date of this announcement, Mr. Pang is deemed to be interested in 1,400,000,000 shares of the Company through his interests in Oriental Solar Group Limited, which is 100% owned by Mr. Pang. Mr. Pang is a controlling shareholder (as defined under the Listing Rules).

1. Mr. Sun Peng (“ Mr. Sun ”) was appointed as an Executive Director and member of Executive Committee and member of Remuneration Committee of the Company.

Mr. Sun, aged 49, received his bachelor degree in arts from Shenyang University in 1994. He starts his career as an instructor in Shenyang Foreign Language School from August 1994 to October 1998. After that, Mr. Sun joined 誠成企業（深圳）有限公司 (Shingsing Enterprise (Shenzhen) Limited*) as an assistant to the general manager in October 1998. Later on, in May 2002, he was appointed as the deputy general manager of 北京棕櫚泉置業有限公司 (Beijing Palm Springs Properties Company Limited*), where he worked till June 2008 before he joined 北京佳宏科科技發展有限公司 (Beijing Jiahongke Technology Development Limited*) as general manager in July 2008, and in between, during 23 July 2008 and 6 February 2009, Mr. Sun was also an Executive Director of Richly Field China Development Limited (a company listed on the Main Board of The Stock Exchange of Hong Kong Limited, stock code: 313).

The Company entered into a service agreement with Mr. Sun commencing from 30 October 2020 for a fixed term of 3 years with termination of not less than three months’ notice in writing served by either party, and his directorship is subject to retirement

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by rotation and re-election in accordance with the Company’s Bye-Laws. Under the service agreement, Mr. Sun will be entitled to receive a director’s remuneration of HK$32,000 per annum determined by reference to his duties and responsibilities within the Company. Mr. Sun will be entitled to discretionary bonus payment which shall be determined by the Board by reference to the Company’s performance and market benchmarks.

Mr. Sun is a cousin of Mr. Pang, the controlling shareholder, Chairman of the Board and Executive Director of the Company. Save for the above, Mr. Sun does not have any relationship with any Directors, senior management, or substantial shareholders of the Company.

As at the date of this announcement, Mr. Sun does not have any interest in the shares within the meaning of Part XV of the SFO. Save as disclosed above, Mr. Sun has not held any directorships in other listed public companies during the three years prior to the date of this announcement. As at the date of this announcement, save as disclosed above, Mr. Sun does not hold any positions in the Company or any of its subsidiaries and he has no relationships with any directors, senior management, other substantial or controlling shareholders (as defined under the Listing Rules).

Save as disclosed above, there are no other matters concerning Mr. Sun that need to be brought to the attention of the Shareholders or any other information required to be disclosed pursuant to the requirements of Rule 13.51(2) of the Listing Rules.

The Board would like to take this opportunity to extend its gratitude to Mr. Fu and Mr. Wu for their efforts and valuable contributions to the Company during their tenure of offices in the Company and would like to express its welcome to Mr. Sun for joining the Board.

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

Hong Kong, 30 October 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. Chan Sing Fai.

• For identification purposes only

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