Chinachem Group Co. Ltd. made a bid to acquire 55.72% stake in ENM Holdings Limited (SEHK:128) for HKD 533.4 million on June 2, 2023. The transaction involves the proposed privatization of the ENM Holdings Limited by way of a scheme of arrangement, in consideration of offer per share HKD 0.58 for 919,684,531 shares in ENM Holdings Limited. The Offeror intends to finance the cash required for the Proposal through internal cash resources. The transaction is subject to all authorizations, approvals, permissions, waivers and consents and all registrations and filings, ENM Holdings Limited shareholders approval. The sanction of the Scheme under section 673 of the Companies Ordinance and the confirmation of the reduction of the issued share capital of the ENM Holdings Limited involved in the Scheme under section 229 of the Companies Ordinance by the High Court. All necessary legal or regulatory obligations in all relevant jurisdictions having been complied with and no legal or regulatory requirement having been imposed. The long stop date of the transaction is six month from the date of the announcement of the offer. If approved, the Scheme will be binding on all of the Scheme Shareholders, irrespective of whether or not they attended or voted at the Court Meeting or the EGM. As of September 1, 2023, the Scheme will become effective and binding on the Company and all the Scheme Shareholders, subject to the fulfilment or waiver of the Conditions, on or before the Long Stop Date, being 1 December 2023.

Altus Capital Limited acted as financial advisor to Chinachem Group Co. Ltd. Optima Capital Limited acted as independent financial advisor to advise the Independent Board Committee of ENM Holdings Limited (SEHK:128).

Chinachem Group Co. Ltd. cancelled the acquisition of 55.72% stake in ENM Holdings Limited (SEHK:128) on September 26, 2023.