On December 14, Gelonghui Asia Resources (00899.HK) announced that in connection with the acquisition of the two target companies, all preconditions of such agreements have been met, and the completion of the agreement was completed on December 14, 2023. After completion, target company A has become an indirect wholly owned subsidiary of the company, while target company B has become an indirect non-wholly owned subsidiary of the company. The financial results of such target companies will be consolidated into the Group's consolidated financial statements.
According to the terms and conditions of these agreements, the Company will allocate and issue a total of 187,680,000 shares of consideration shares to the seller under a special authorization within 6 months after completion to settle part of the acquisition, for a total amount of HK$43,166,400. Assuming that there will be no other changes in the company's share capital and shareholding structure (except for allotment and issuance of consideration shares), the consideration shares to be issued will account for about 16.67% of the company's issued share capital expanded by allocating and issuing price shares.