Grandblue advances on major asset restructuring

Grandblue Environment (SSE: 600323) announced advancements in its major asset restructuring plan involving the privatization of Yue Feng Environmental Power, a Hong Kong-listed company. The transaction will be executed through Grandblue's Hong Kong-based subsidiary, Grandblue (Hong Kong) Environmental Investment, using a scheme of arrangement. Several preconditions to the deal have been met, including internal approvals, external funding secured through a 4.6 billion Renminbi capital injection into Grandblue (Foshan), and necessary regulatory approvals from Chinese authorities concerning overseas direct investment and antitrust. The remaining condition is that the company must provide guarantees in proportion to its shareholding ratio. The company stated that it will continue to advance the transaction.