China Energy Conservation and Environmental Protection Group signed an agreement to acquire additional 15% in Anhui Guozhen Environment Protection Technology Joint Stock Co., Limited (SZSE:300388) from Anhui Guozhen Group Co. Ltd. for CNY 1.5 billion on March 13, 2020. As per terms, 100.6 million shares will be acquired at CNY 14.7 per share. The consideration will be paid in four installments; CNY 442.5 million within 10 days since signing of the agreement, CNY 516.2 million within 10 days since approval by the Shenzhen Stock Exchange, CNY 442.5 million within 10 days of closing and balance CNY 73.7 million within 10 days since the Company's articles of association are amended and the existing board of directors is reorganized. At the same time, Anhui Guozhen Group Co. Ltd. will entrust voting rights for another 42 million shares in Anhui Guozhen Environment Protection Technology Joint Stock Co., Limited to China Energy Conservation and Environmental Protection Group. Currently China Energy Conservation and Environmental Protection Group hold 8.7% and post completion of the transaction, China Energy Conservation and Environmental Protection will hold 29.95% in Anhui Guozhen Environment Protection Technology Joint Stock Co., Limited. The transaction is subject to approval from Shenzhen Stock Exchange. As of March 30, 2020, the shareholders of China Energy Conservation and Environmental Protection Group approved the transaction. The transaction has further been approved by the Anti-monopoly of the State Administration of Market Supervision and Administration and the General Assembly of Guozhen Group on April 28, 2020. The approval by the State Owned assets Supervision and Administration Commission of the State Council is in progress. As on august 27, 2020, China Energy Conservation and Environmental Protection Group signed the Supplementary Agreement to the Share Transfer Agreement to acquire 15% stake in Anhui Guozhen Environment Protection Technology Joint Stock Co., Limited from Anhui Guozhen Group Co. Ltd. for CNY 1.3 billion on August 27, 2020. China Energy Conservation and Environmental Protection Group completed the acquisition of additional 15% in Anhui Guozhen Environment Protection Technology Joint Stock Co., Limited (SZSE:300388) from Anhui Guozhen Group Co. Ltd. on December 14, 2020.