Fei Ni Holdings (08480) announced that on 1 November 2021, the Company (the Purchaser) entered into a sale and purchase agreement with PuaLayCheng and LeeEngLock (the Vendor) whereby the Company had conditionally agreed to acquire the Shares for sale at a consideration of HK$9,564,500, of which approximately 30% would be paid in cash and approximately 70% would be paid through the allotment and issuance of Consideration Shares.
It is reported that the shares sold on behalf of the company are 3725 ordinary shares of Energy Solution Global Limited (the target company), accounting for 37.25% of its issued and paid-up share capital. The Company will allocate approximately 19.129 million New Shares to the Vendor at the Issue Price at an issue price of HK$0.35 per Consideration Share, representing a premium of approximately 37.25% over the closing price of HK$0.255 per share on 1 November; The total issue price was HK$6,695,100.
Immediately following the conclusion of the Sale and Purchase Agreement and on 1 November 2021, the Company, Datok NgYanCheng and Lee entered into a Shareholders' Agreement to regulate the relationship between the shareholders and the management and operation of the Target Company, which will take effect upon completion.
The company anticipates significant business opportunities in the emerging green economy and has identified companies with outstanding engineering expertise to implement its strategy to become competitive players in the region. The target company is a smart energy solutions provider that has established a strong reputation in Singapore and Malaysia, which continues to promote climate change mitigation policies, especially in terms of energy efficiency. The Company believes that all governments in the region will move in this direction and will develop a clear climate change strategy and necessary risk mitigation measures. Once the policy is in place, companies with innovative solutions will be the biggest beneficiaries.