Sinopec Oilfield Service Corp postpones key shareholder meeting proposal

Sinopec Oilfield Service Corp (SSE:600871) has issued an announcement regarding the cancellation of a key proposal for its 2025 first extraordinary general meeting of shareholders. The company has decided to postpone the deliberation and approval of "the proposal on using capital reserves to cover losses" due to pending clarification on related tax and financial policies. This decision aims to safeguard the interests of the company and its shareholders, with further review planned once policy clarity is achieved. The company reiterates its commitment to shareholder returns and intends to implement dividends after returning to positive retained earnings, in line with relevant laws and regulations.

The cancellation specifically pertains to agenda item 2, "Deliberation and approval of the proposal on using capital reserves to cover losses." All other matters previously announced for the extraordinary general meeting scheduled for December 18, 2025, remain unchanged. These include the deliberation and approval of revisions to the company's articles of association and the election of Mr. Wang Minsheng as an independent non-executive director for the eleventh session of the board.

The extraordinary general meeting will still take place on December 18, 2025, at 9:30 AM in Beijing. Shareholders can participate in person or via online voting systems provided by the Shanghai Stock Exchange. The online voting window will be open from 9:15-9:25 AM, 9:30-11:30 AM, and 13:00-15:00 PM on the day of the meeting. The equity registration date for the meeting remains December 9, 2025.