Ruifeng Power Group Company Limited (SEHK:2025) entered into the Cooperation Agreement to acquire Saint Jean Automotive Systems (Changshu) Co. Ltd from Saint-Jean Industries for €5 million on November 22, 2019. The payment of the Consideration will be funded by the internal resources of the Group. The Board has resolved to change the use of the unutilised Net Proceeds such that €5 million of the unutilized Net Proceeds will be put towards the settlement of the Consideration. The first instalment of the Consideration being €3 million shall be paid to Saint-Jean Industries within three business days after the date of the Cooperation Agreement; and the second instalment of the Consideration being €2 million shall be paid to Saint-Jean Industries before March 31, 2020.