Gelonghui, February 7, 丨 Environmental Energy International (01102.HK) issued an announcement. On January 25, 2024, the company entered into a settlement agreement. According to this, the company has agreed to capitalize the amount of debt owed by the company to creditors. The creditors have agreed to subscribe, and the company has already agreed to allocate and issue 897 million capitalized shares at the issue price of HK$0.05 per capitalized share in accordance with the special authorization the company will seek at the special shareholders' meeting.
Upon completion, WIFHL and those acting in concert will hold 1.01 billion shares, equivalent to approximately 70.48% of the issued share capital of the company expanded by issuing capitalized shares.
Debt capitalization provides a valuable opportunity for the Group to settle its outstanding debts without using the company's existing financial resources and without putting pressure on the Group's cash flow position.
The Board of Directors proposed increasing the authorized share capital of the company from HK$50 million to HK$500 million by adding an additional 9 billion shares.
Furthermore, the company has applied for the resumption of stock trading on the Stock Exchange starting at 9:00 a.m. on February 8, 2024.