MECOM Power and Construction : VOLUNTARY ANNOUNCEMENT - ACQUISITION OF 49% EQUITY INTEREST IN A EV BUSINESS COMPANY

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

MECOM POWER AND CONSTRUCTION LIMITED ዦঐܔணછٰϞࠢʮ̡

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1183)

VOLUNTARY ANNOUNCEMENT

ACQUISITION OF 49% EQUITY INTEREST IN A EV BUSINESS COMPANY

This is a voluntary announcement made by the Company to provide the shareholders and potential investors of the Company an update on the latest business development of the Group.

THE ACQUISITION

In February 2021, MECOM Hung Yip entered into the Equity Transfer Agreement with MS Holdings and Mr. Pedro Moreira dos Santos, pursuant to which MECOM Hung Yip agreed to purchase, and Mr. Pedro Moreira dos Santos agreed to sell, the Sale Shares, representing 49% equity interest in MS E.Mobi.

MS E.Mobi is a company established on 18 July 2016 in Macau and was held as to 10% by MS Holdings and 90% by Mr. Pedro Moreira dos Santos immediately prior to the Acquisition. MS E.Mobi is conducting EV business and is an EV charging infrastructure distributor and consultant for EV charging network solutions.

Upon completion of the Acquisition which took place in February 2021 and up to the date of this announcement, MS E.Mobi is held as to 49% by MECOM Hung Yip, 10% by MS Holdings and 41% by Mr. Pedro Moreira dos Santos. MS E.Mobi is accounted for as a 49% owned associated company in the consolidated financial statements of the Company. To the best of the Directors' knowledge, information and belief, having made all reasonable enquiries, MS Holdings and Mr. Pedro Moreira dos Santos are Independent Third Parties.

As the highest applicable percentage ratio in relation to the Acquisition is less than 5%, the transaction does not constitute a notifiable transaction of the Company under Chapter 14 of the Listing Rules. This announcement is made by the Company on a voluntary basis.

REASONS AND BENEFITS FOR THE ACQUISITION

MS E.Mobi is the exclusive distributor of EV charging products developed and manufactured by EFACEC for Macau and Hong Kong. The Distributorship Agreement is already in force for the second consecutive three-year term. Apart from acting as an EV charger seller, MS E.Mobi is also responsible for the provision of technical services and maintenance for EFACEC infrastructure since 2017.

EFACEC is conducting EV business and is offering a full range of EV chargers for private, public, fast and wireless segments. Since 2016, EFACEC leveraging its more than 30 years of experience in power electronics technology, has added to its range of products high power EV chargers, which are targeted for long range vehicles and capable to provide a high voltage of 1,000 volts (V) and continues to develop powerful, reliable and environmentally friendly charging systems, designed to support the requirements of a demanding energy infrastructure and sustainable industry growth. In 2020, EFACEC EV chargers have been installed in over 43 countries, including the United States of America and the United Kingdom.

With reference to the recent launch of its new electric mobility solutions in February 2021, EFACEC presented the new products that are enhanced with digital connectivity, environmental gains by offering more solutions of electric charging, with smaller volumetric footprint, focusing in reliability, durability and high performance. The new product extends the HV350 range in the direct current (DC) charge segment and is currently the world's fastest EV chargers. This is a solution for the high-powered ultra-fast charger segment, 350 kW, capable of charging all EVs and up to 2 EVs simultaneously.

The Group has strong expertise in high voltage power substation construction and system installation projects, including power supply conversion, which therefore have been one of the principal businesses of the Group. Together with its power projects partner, a Hong Kong incorporated company that is a subsidiary of a German company, the Group is constantly exploring new business opportunities for new power-related projects and further broadens its business scale. Subsequent to the Acquisition, the Group will have access to more comprehensive range of EV charging infrastructure and technical know-how in high power EV chargers.

The Directors consider that the Acquisition is in line with the business objectives of the Company and signifies the furtherance of the Group's initiative into the EV charging business, thereby presenting opportunities for the Group's long-term development. With the longstanding relationship established by MS E.Mobi with the Macau incorporated public utility company and EFACEC, the Directors expect great synergy and commercial benefits for both parties with the joint efforts in developing EV charging projects in the Guangdong-Hong Kong-Macao Greater Bay Area.

The Board wishes to state that no forecast or prediction of the profits of the Group has been made with regard to the Acquisition.

Shareholders and potential investors of the Company should exercise caution when dealing in the shares of the Company.

DEFINITIONS

The following terms have the following meanings in this announcement unless the context otherwise requires:

"Acquisition"	the acquisition of the Sale Shares pursuant to the Equity Transfer
Agreement
"Board"	the board of Directors of the Company
"Company"	MECOM Power and Construction Limited, an exempted company
incorporated in the Cayman Islands with limited liability, the issued
shares of which are listed on the Main Board of the Stock Exchange (stock
code: 1183)
"Director(s)"	the director(s) of the Company
"Distributorship	the distributorship agreement dated 14 November 2016 between EFACEC
Agreement"	and MS E.Mobi in relation to the appointment of MS E.Mobi as the
distributor of EV charging products manufactured by EFACEC for Macau
and Hong Kong
"EFACEC"	EFACEC Electric Mobility, S.A., a company established on 12 August
1948 and existing under the laws of Portugal, majority of its shares are
held by the Government of the Portuguese Republic
"Equity Transfer	the equity transfer agreement entered into between MECOM Hung Yip as
Agreement"	transferee, Mr. Pedro Moreira dos Santos as transferor and MS Holdings
in relation to the Acquisition
"EV"	electric vehicle
"Group"	the Company and its subsidiaries
"Independent Third	third party(ies) which is(are) independent of the Company and the
Party(ies)"	connected persons (as defined in the Listing Rules) of the Company
"Listing Rules"	the Rules Governing the Listing of Securities on the Stock Exchange
"MECOM Hung Yip"	MECOM Hung Yip Limited, a direct wholly-owned subsidiary of the
Company, which is principally engaged in investment holding
"MS Holdings"	MOREIRA DOS SANTOS GESTÃO DE PARTICIPAÇÕES SOCIAIS
LDA., a company incorporated in Macau with limited liability, the issued
shares of which are owned 51% by Mr. Pedro Moreira dos Santos and
49% by his spouse

"MS E.Mobi"	MOREIRA DOS SANTOS MOBILIDADE ELÉCTRICA LDA., a
company incorporated in Macau with limited liability
"Mr. Pedro Moreira	FERNANDO MOREIRA DO SANTOS, PEDRO LUÍS, an individual of
dos Santos"	Portuguese nationality and a resident in Macau
"Sale Shares"	49,000 shares in MS E.Mobi, representing 49% equity interest in MS
E.Mobi
"Stock Exchange"	The Stock Exchange of Hong Kong Limited
MECOM Power and Construction Limited
Kuok Lam Sek
Chairman

By Order of the Board

Hong Kong, 15 March 2021

As at the date of this announcement, the executive Directors are Mr. Kuok Lam Sek and Mr. Sou Kun Tou, and the independent non-executive Directors are Ms. Chan Po Yi, Patsy, Mr. Cheung Kiu Cho, Vincent and Mr. Lio Weng Tong.