Jereh plans divestment of Russian energy subsidiary Bright Energy

Yantai Jereh Oilfield Services Group announced its intention to sell 100% of its wholly-owned subsidiary, Bright Energy, a Russian-based energy company. The transaction, approved by the board on November 10, 2025, is expected to be finalized through public tender, public bidding, or negotiation. The final transaction price will not exceed 1 billion yuan or its equivalent in foreign currency. Post-sale, Bright Energy will no longer be consolidated into Jereh's financial statements.

Bright Energy, established in 2015, specializes in oil and gas field technical services. As of September 30, 2025, the company reported total assets of 123,195.16 yuan, total liabilities of 81,179.05 yuan, and net assets of 42,016.11 yuan. For the first three quarters of 2025, Bright Energy recorded revenue of 101,027.99 yuan and a net profit of 20,293.51 yuan.

The company stated that the sale is a strategic decision based on its operating needs and will not adversely affect its normal production and operations or the interests of its shareholders. Jereh will continue to monitor the transaction's progress and ensure compliance with relevant laws and regulations.