CENVIT (Cayman) Company Limited made an offer to acquire remaining 21.5% stake in CITIC Envirotech Ltd. (SGX:CEE) from Lin Yucheng, Pan Shuhong and others for approximately SGD 290 million on November 6, 2019. The consideration for the exit offer payable by the offeror for the offer shares will be SGD 0.55 per share. The price to be paid for each option will be the amount (if positive) of the exit offer price less the exercise price of the Option. If the exercise price of an Option is equal to or more than the exit offer price, the option price for each option will be the nominal amount of SGD 0.000001. The Exit Offer will be made for all the Shares other than those held as treasury shares and those held, directly or indirectly, by the Offeror and CRF and all new Shares unconditionally issued or to be issued prior to the final closing date of the Exit Offer pursuant to the valid exercise of outstanding options granted by the Company. The concert group comprising CENVIT (Cayman) Company Limited, CRF Envirotech Co., Ltd, Lin Yucheng and Pan Shuhong, the founders own an aggregate of 1.924 billion shares, representing approximately 79.12% of the total number of shares. The Offeror presently has no intention to introduce any major changes to the business of the Company, or to discontinue the employment of any of the existing employees of the Company or re-deploy any of the fixed assets of the Company, other than in the ordinary course of business. The Delisting and the Exit Offer, if made, will be conditional on the obtaining of CITIC Envirotech Ltd. Shareholders' Approval. The making of the Exit Offer is subject to the approvals and requisite filings of/with PRC National Development and Reform Commission, PRC Ministry of Commerce and PRC State Administration for Foreign Exchange having been obtained within four calendar months of the Joint Announcement, or such Pre-Condition being waived by the Offeror. The Delisting and the Exit Offer will not be conditional upon a minimum number of acceptances being received by the Offeror. The Offeror has received irrevocable undertakings from the following Shareholders to accept the Exit Offer comprising 0.64% of the entire issued Shares from Lin Yucheng and Pan Shuhong. In the event that the Offeror receives valid acceptances pursuant to the Exit Offer in respect of not less than 90% of the total number of issued Shares (other than those already held by the Offeror, its related corporations or its nominees as at the date of the Exit Offer and excluding any Shares held by the Company as treasury shares), the Offeror would be entitled to exercise the right to compulsorily acquire all the Shares of the Shareholders who have not accepted the Exit Offer ("Dissenting Shareholders") at a price equal to the Exit Offer Price. The Exit Offer will be open for acceptance by Shareholders for a period of at least 14 days after the date of the announcement of Shareholders' Approval being obtained. As of December 16, 2019, the extraordinary general meeting will held on December 31, 2019. The independent directors of CITIC Envirotech Ltd recommends the shareholders to vote in favour of delisting resolution and accept the exit offer. On December 30, 2019, the requisite approvals and filings of/with the PRC National Development and Reform Commission, PRC Ministry of Commerce and PRC State Administration for Foreign Exchange. On December 31, 2019, the shareholders approved and passed at the extraordinary general meeting the transaction. Earliest possible close of Exit Offer is week of January 13, 2020. As on January 3, 2020, offer became unconditional. As on January 3, 2020, the exit offer formally commenced. The offer will close on January 17, 2020. As on January 10, 2020, CENVIT holds 90.54% stake in CITIC Envirotech. Novus Corporate Finance Pte. Ltd. acted as financial advisor for Directors of CITIC Envirotech Ltd. CLSA Singapore Pte Ltd acted as financial advisor for CITIC Environment Investment Group Co., Limited. Bernard Lui, Chrystle Kuek, Aden Tan, and Anu Liza Jose of Morgan, Lewis & Bockius LLP acted as legal advisors to CITIC Envirotech Ltd. Tricor Barbinder Share Registration Services acted as registrar to CITIC Envirotech Ltd. CENVIT (Cayman) Company Limited completed the acquisition of remaining 21.5% stake in CITIC Envirotech Ltd. (SGX:CEE) from Lin Yucheng, Pan Shuhong and others on January 17, 2020. Valid acceptances for 0.383 billion shares were received comprising 15.78% of issued Shares. Accordingly, the total number of shares owned, amount to an aggregate 2.308 billion shares, representing approximately 94.90% of the entire issued Shares. CITIC Envirotech will be delisted from the Official List of the SGX-ST with effect from January 23, 2020.