ENN Energy privatization: Deal structure, funding details emerge

ENN Natural Gas Co., Ltd. ("ENN-NG") and Xinneng (Hong Kong) Energy Investment Limited (the "Offeror") provided a monthly update on the pre-conditional proposal to privatize ENN Energy Holdings Limited ("ENN") via a scheme of arrangement and its proposed delisting. The proposal requires satisfaction of several pre-conditions, including regulatory filings and approvals from the PRC and CSRC, and approval-in-principle from the Hong Kong Stock Exchange for the listing.

As of May 28, 2025, Pre-Condition (d), related to the approval by ENN-NG Independent Shareholders, was fulfilled. However, Pre-Conditions (a), (b), and (c), pertaining to governmental approvals, Hong Kong Stock Exchange listing approval, and CSRC approvals, respectively, are yet to be fulfilled. ENN-NG is actively liaising with relevant authorities and progressing its application with the Hong Kong Stock Exchange.

Shareholders of ENN-NG and ENN are advised to exercise caution, as the proposal and its implementation remain subject to the satisfaction or waiver of all pre-conditions and conditions by the Scheme Long Stop Date. Further announcements will be made as the remaining pre-conditions are met.