China Construction Fortis (00138.HK) announcement, September 28, 2023, buyer (wholly-owned subsidiary of the company)Enter into an investment agreement with the seller and the target company Gloria Capital Group Limited for the acquisition. Under the investment agreement, the buyer has conditionally agreed to the acquisition, while the seller has conditionally agreed to sell the sales shares (51% of the issued share capital of the target company)The consideration is HK $20 million.
After completion, the target company plans to mainly engage in the registration business of CIC transportation carbon chain.
Having considered (I) the accelerated efforts to curb carbon emissions in recent years; (ii) the gradual promotion of low-carbon transformation implementation plans in key industries; and (iii) China's commitment to achieve carbon neutrality by 2060, the Board considered the acquisition as an opportunity to diversify its business portfolio through the development of carbon-neutral businesses. Therefore, the Directors consider that the terms of the Investment Agreement are fair and reasonable, are on normal commercial terms and that the acquisition is in the interests of the Company and the shareholders as a whole.