Sunshine Oilsands (02012) signed an interest exemption agreement with the extended holder

Zhitong Finance App News, Sunshine Oil Sands (02012) issued an announcement. On January 7, 2025, the Company signed an interest exemption agreement (interest exemption agreement) with the extension holder. The extension holder agreed to unconditionally and irrevocably exempt the Company from accrued interest (interest exemption) from January 1, 2025 to December 31, 2025. According to the reinstatement and amendment extension agreement (reinstatement and amendment of the extension agreement) reached between the two parties on January 7, 2025, the total amount of exempted interest is US$315.291 million (approximately HK$245 million) based on the outstanding amount (i.e. principal plus interest) at an annual interest rate of 10.0%.

The Board of Directors believes that entering into an interest exemption agreement is in the overall interest of the Company and its shareholders, as the interest exemption agreement will drastically reduce the Company's liabilities while reducing the balance to liability ratio.