PANASIALUM (02078) major shareholder's internal equity restructuring has been exempted from a comprehensive offer.

PANASIALUM (02078) announced that the company was informed by its controlling shareholder Easy Star Holdings Limited (EasyStar) that Marina Star Limited (Marina Star) will transfer all of EasyStar's shares to Pantellus Ltd. (Pantellus). Marina Star is wholly owned by Highvern Cayman Limited as a trustee of a discretionary trust (Pan family trust). Mr. Pan Zhaolong, the company's chairman, executive director, and CEO, is the designated beneficiary of this trust. All of Pantellus's issued share capital is held by the trustee. The company has been informed that the share transfer is part of a restructuring of the Pan family trust's internal corporate structure. Easy Star holds 900 million shares in the company, accounting for 75% of the company's issued share capital. Immediately before the share transfer, Easy Star was wholly owned by Marina Star. Following the share transfer, Easy Star will be wholly owned by Pantellus. As a result of the share transfer, Pantellus has acquired 30% or more of the voting rights in the company. Therefore, in accordance with the Rules on Takeovers, Mergers, and Share Repurchases Rule 26.1 Note 6(a), this generally triggers an obligation to make a mandatory general offer. In this regard, the company was informed by EasyStar that Pantellus has applied for, and the Executive Director of the Corporate Finance Division of the Securities and Futures Commission has granted an exemption to Pantellus from fulfilling the obligation to make a general offer for the shares arising from the share transfer under Takeover Code Rule 26.1 Note 6(a).