Rex International Holding Limited 205 NOTES TO THE FINANCIAL STATEMENTS 7 SUBSIDIARIES (CONTINUED) (i) Acquired on 8 September 2025. (j) Incorporated on 20 December 2023. (k) Acquired on 10 December 2024. (l) On 2 September 2024, the Group completed a joint venture agreement with MMH and Peter M. Steimler, to transfer all parties’ shareholdings in LPA and PNR to LPH. Post completion, LPH held 91.65% and 100% shareholding interests in LPA and PNR respectively, and the Group held 83.74% shareholding interests in LPH. The changes in the Group’s ownership interest in LPA and PNR did not result in change of control (Note 8). (m) On 9 December 2024, the Group completed a restructuring agreement with Schroder & Co Banque S.A. (“Schroders”). The Group transferred 3.60% shareholding interests in LPH in exchange for Schroders’ 6.36% and 8.35% shareholding interests in MOL and LPA respectively. Post completion, LPA became a whollyowned subsidiary of LPH. The changes in the Group’s ownership interest in MOL, LPA and LPH did not result in change of control (Note 8). (n) On 17 December 2024, MOL completed a share repurchase of 102,000 ordinary shares, resulting in dilution of the Group’s shareholding interests in MOL by 1.86%. The change in the Group’s ownership interest in MOL did not result in change of control (Note 8). (o) On 27 December 2024, the Group completed a global settlement agreement with Petroci Holding (“Petroci”) and transferred 8.81% shareholding interests in MOL to Petroci. The change in the Group’s ownership interest in MOL did not result in change of control (Note 8). (p) On 17 September 2025, Xer novated its shares in Xer Technologies AG, and its liabilities to Xer Sweden, a newly acquired subsidiary of the Group. Post completion, Xer Sweden owns 100% shareholding interests in Xer Technologies AG. (q) On 1 October 2025, RTI completed a share swap agreement with MMH under which RTI acquired 9.6% shareholding interests in LPH, in consideration of RTI transferring 40% of its shareholding interests in Xer Sweden. Post completion, the Group held 89.74% and 60% shareholding interests in LPH and Xer Sweden respectively. LPH continues to hold 100% shareholding interests in LPA, PNR, Akrake and LRG. The change in the Group’s ownership interest in LPH and Xer Sweden did not result in change of control (Note 8). (r) Acquired on 18 July 2025. 8 NON-CONTROLLING INTERESTS The following subsidiaries have non-controlling interests (“NCI”) that are material to the Group: Name of subsidiary Country of incorporation Operating segment Effective equity interest held by NCI 2025 2024 % % Lime Petroleum Holding AS (“LPH”) Norway Oil and Gas 10.26 19.86 Lime Petroleum AS (“LPA”) Norway Oil and Gas 10.26 19.86 Akrake Petroleum Benin S.A. (“Akrake”) Benin Oil and Gas 10.26 19.86 Masirah Oil Ltd (“MOL”) British Virgin Islands Oil and Gas 12.50 12.50
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