According to the Zhito Finance APP, Zhidao Int'l (01220) announced that on November 27, 2024, the company established a framework agreement with ASIAFAME HOLDINGS LIMITED (AHL) regarding the company's potential investment in Sun Ocean Logistics Pte. Ltd.

Under the framework agreement, subject to the terms and conditions of the formal sale agreement, the company will invest in AHL's coal transportation truck leasing business conducted through its indirect subsidiary in Indonesia by acquiring shares of Sun Ocean Logistics Pte. Ltd. (with AHL as its sole shareholder), the percentage of equity interest and terms will be further negotiated by both parties. Upon completion of the potential sale of shares of Sun Ocean Logistics Pte. Ltd., it is expected that the company will become the major shareholder of Sun Ocean Logistics Pte. Ltd. and its Indonesian subsidiary.

It is understood that AHL is an investment holding company, and its wholly-owned subsidiary Sun Ocean Logistics Pte. Ltd. is an investment company registered in Singapore, with its indirect subsidiary primarily engaged in the coal transportation truck leasing business in Indonesia. As of the date of this announcement, AHL's indirect subsidiary in Indonesia has entered into an agreement with an Indonesian subsidiary of a Chinese state-owned enterprise on July 1, 2024, regarding the leasing of 200 trucks (40 to 45 tons) for coal transportation in South Sumatra, Indonesia.