Jereh Oilfield shareholders approve governance overhaul

Shandong Xinfu Laiyuan Law Firm confirmed the legal validity of Yantai Jereh Oilfield Services Group’s first extraordinary general meeting of shareholders in 2025, held on October 30, 2025. The meeting, convened by the board and chaired by chairman Li Huitão, complied with relevant laws and regulations. A total of 382 shareholders and proxies, representing 576,431,085 shares (56.47% of voting shares), participated in person and online.

All 13 proposals, including revisions to the articles of association, shareholder meeting rules, board meeting rules, and the abolishment of the supervisory board, were approved. Notably, the revision to the articles of association garnered 99.6382% approval, while the proposal to abolish the supervisory board received 99.6344% approval. Other key approvals included updates to the independent director, financing, major transaction, related party transaction, external guarantee, and fundraising management systems.

The law firm concluded that the meeting's convocation, procedures, and voting results were legitimate and effective. The approvals signify a comprehensive update to the company’s internal governance framework, aligning it with evolving regulatory requirements.