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HANKORE Environment Tech Group said on Friday that its major shareholder, Wang Yu Huei, has given an undertaking to vote in favour of the group's planned purchase of China Everbright Water Investments Ltd. Mr Wang holds a 14.705 per cent stake in Hankore.
In December 2013, Hankore Environment Tech Group Ltd signed an agreement with Hong Kong Stock Exchange-listed China Everbright International Limited for a reverse takeover. Hankore will acquire China Everbright International Ltd's subsidiary China Everbright Water Investments Ltd and allot new shares to it at 7.03 Singapore cents per share.
In the August release of its result, China Everbright International said China Everbright Water Holdings will hold about 79.21 per cent of Hankore's enlarged issued capital. Hankore will become an indirect subsidiary of Everbright International and change its name to "China Everbright Water Limited".
The transaction is still being processed. Completion of the transaction shall be conditional upon the fulfilment of a number of conditions precedent and the completion of the approval processes of the stock exchanges of Singapore and Hong Kong.
The transaction is expected to be completed by the end of 2014.