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COMPLETION OF SUBSCRIPTION OF NEW SHARES

Date: 2017-06-03

Jutal Offshore Oil Services Limited announced on 2 June that all conditions precedent in respect of the Subscription have been fulfilled and the Completion took place on 2 June 2017.
 
Immediately before the Completion, the Company had 821,754,278 Shares in issue. Pursuant to the Subscription Agreement, an aggregate of 803,562,111 Subscription Shares were issued and allotted to the Subscribers, among which 641,566,556 Subscription Shares were issued to Sanju Enviroinmental Protection (Hong Kong) Limited and 161,995,555 Subscription Shares were issued to Golden Talent (HK) Technology Co., Lmited. Accordingly, immediately after the Completion, there are 1,625,316,389 Shares in issue.
 
Upon Completion, Sanju, would become the single largest and a controlling Shareholder. In view of the different services and technologies provided by the Company and Sanju to overlapping customers while focusing on serving and distributing to these customers in their respective and different geographical and application market segment, the Group and Sanju will upon Completion using their combined strengths, explore cross selling and co-development activities as well as jointly develop new markets and new customers. 
 
Following the Completion, the Group will be equipped with the ability to further expand its business services in gas purification and refinery sector based on its existing experience and ability for collaboration including but not limited to (i) leverage on Sanju’s technical resources alongside with the Group’s existing customers to promote its expanded existing business segment; and (ii) the promotion of Sanju’s services on an international basis as the Group’s existing customers span across the globe, which represents a means for the Group to broaden new income sources in the future.
 
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