On April 14, GLONGHUI International Holdings (01870.HK) issued an announcement. On April 12, 2024, the subscriber (Green Energy Power Inc., a wholly-owned subsidiary of the company) signed a subscription agreement with Future Energy Auckland Ltd. (as the target company) and the guarantor. According to this, the subscriber conditionally agreed to subscribe, and the target company conditionally agreed to allocate and subscribe shares. The total subscription price was NZ$2.1 million (equivalent to approximately HK$9.96 million). The subscribed shares account for about 51.22% of the total number of issued shares of the target company after completion, after allocation and issuance of subscribed shares. As a result, the target company will become an indirect subsidiary of the company after completion, and its financial results will be incorporated into the group's financial results.
The target company is a limited company incorporated in New Zealand, mainly engaged in the design, sale, installation and maintenance of sustainable energy products in New Zealand, including but not limited to solar panels, batteries, electric vehicle charging solutions, hot water pumps and air conditioning. As of the date of this announcement, 98% of the target company's shares were held by its holding company, and the remaining 2% was held in equal amounts by Alastair James Mortensen, current directors of the target company, and Mr. Heath Lloyd Ellis Coleman.