The CKPH Board, the CKHH Board, the CKI Board and the Power Assets Holdings Limited Board jointly announced that on 14 January 2017, a consortium comprising Cheung Kong Property Holdings Limited, Cheung Kong Infrastructure Holdings Limited and PAH entered into the Consortium Formation Agreement, pursuant to which, subject to the obtaining of the necessary Independent Shareholders' Approvals, the relevant Consortium Members will, among other things, indirectly fund the Acquisition according to the Respective Proportions or Revised Respective Proportions (as the case may be) and enter into the Shareholders' Agreement. In addition, in connection with the Acquisition, Bidco, the Target and the Consortium Members (as guarantors of Bidco's obligations under the Scheme Implementation Agreement) have entered into the Scheme Implementation Agreement on 14 January 2017. The Scheme Implementation Agreement is not conditional on completion of the Joint Venture Transaction but is conditional upon the fulfilment of certain conditions.

As of the date of this announcement, each Consortium Midco is wholly owned by CKPH Holdco. In turn, JV Co is owned by CK William Midco 1 Limited as to 40%, CK William Midco 2 Limited as to 40% and CK William Midco 3 Limited as to 20%, respectively.