DeTai New Energy Group Limited cancelled the acquisition of 70% interest in Colour Palace Investments Limited from Imperial Pacific International Holdings Limited.
The transaction is subjected to the completion of DeTai New Energy Group Limited being satisfied with the results of the due diligence review, completion of Saipan Property B disposal, all necessary consents, licenses and approvals required to be obtained by parties involved, completion of the debt restructuring and completion of increase in issued share capital. As of March 20, 2020, increase in issued share capital has been completed. The transaction is expected to complete within ten business days following the fulfillment or waiver of the conditions precedent set out in the sale and purchase agreement but no later than July 31, 2020, or such other date may agree in writing. As of July 31, 2020, some of the conditions have yet to be satisfied and the companies are still in discussion about the appropriate actions to be taken in respect of the transaction.
DeTai New Energy Group Limited (SEHK:559) cancelled the acquisition of 70% interest in Colour Palace Investments Limited from Imperial Pacific International Holdings Limited (SEHK:1076) on March 20, 2021.