China Environmental Energy Investment Limited (SEHK:986) entered into a sale and purchase agreement to acquire 10% stake in Pure Power Holdings Limited from Fortune Glow Limited for HKD 125 million on January 20, 2014. Pursuant to the terms of the transaction, China Environmental Energy Investment Limited will pay HKD 123.2 million through Promissory Notes due 12 months from its issue and carrying interest of 8% per annum and HKD 1.8 million through Convertible Bonds. The transaction is subject to the passing of the necessary resolution by the shareholders and directors of Fortune Glow and the Pure Power Holdings, approval of new shares on the Stock Exchange, the compliance of any other requirements under the Listing Rules or otherwise of the Stock Exchange or other regulatory authorities or any applicable laws and regulations, the China Environmental Energy Investment being satisfied with the results of the due diligence review, and all third party consents and waivers required to be obtained.

The transaction is expected to complete on the fifth business day after which the last of the conditions is fullfilled.