Wang Bing Wu acquired Allied Resources Limited from Enviro Energy International Holdings Limited (SEHK:1102) for HKD 61.5 million in cash on March 11, 2013. In a related transaction, undisclosed individuals cancelled the acquisition of Jilin Hengli Industries Liability Co., Ltd. from Allied Resources Limited. Wang Bing Wu agreed to pay the cash balance of Allied Resources as at February 28, 2013 to Enviro Energy International on completion. For the year ended December 31 2012, the net loss before and after taxation and extraordinary items of Allied Resources was HKD 1.81 million and HKD 2.93 million respectively and net liabilities were HKD 18.59 million. The Directors of Enviro Energy International (including the independent non-executive Directors) consider that the terms of agreement and the consideration are fair and reasonable and are in the interest of Enviro Energy International and its shareholders as a whole.

The proceeds arising from deal of Allied will be used for new investment in natural resources and as additional working capital of the remaining Enviro Energy International Group. The gain expected to accrue to Enviro Energy International on deal is approximately HKD 82.2 million.

Wang Bing Wu completed the acquisition of Allied Resources Limited from Enviro Energy International Holdings Limited (SEHK:1102) on March 11, 2013.