WONG Shing Chau acquired First Rank Corporation from China Environmental Resources Group Limited (SEHK:1130) for HKD 59 million on March 31, 2023. In total consideration HKD 5.9 million will be paid on upon signing of the SPA, HKD 5.9 million is payable within seven days after the date on which the SPA and the transactions contemplated thereunder have been approved by the Shareholders at the EGM and remaining balance in the amount of HKD 47.2 million is payable on completion. The deal is subject to shareholder approval.

As of May 17, 2023, shareholders approved the transaction.