Furniweb Holdings Limited (SEHK:8480) entered into a sale and purchase agreement to acquire 37.25% stake in Energy Solution Global Limited from Pua Lay Cheng and Lee Eng Lock for HKD 9.6 million on November 1, 2021. Under the terms of the transaction, approximately 30% shall be satisfied by cash and approximately 70% shall be satisfied by the shares. Consideration will be funded by internal resources. The consideration shall be paid 14 days after the date of fulfilment of all the conditions precedent. As of November 17, 20201, terms of the transaction were revised, and 100% consideration will be paid in cash. Pursuant to the transaction, Lee Eng Lock will continue to hold 11.75% and DNYC will hold 51% in Energy Solution Global Limited. Energy Solution Global reported revenue of CNY 54.477 million (HKD 65.52657 million), net income of CNY 0.911 million (HKD 1.095778 million). The Board of Directors of Energy Solution Global shall consist of five Directors, two of whom shall be appointed by Furniweb Holdings, two of whom shall be appointed by DNYC and the remaining one of whom shall be appointed by Lee Eng Lock. Completion is subject to the satisfaction of due diligence investigation and approval governmental and/or regulatory authorities. The transaction is expected to be completed before December 31, 2021. The transaction, will not have any material effect on the earnings and EPS of PRG Holdings Berhad (parent of Furniweb) and its subsidiaries. Furniweb Holdings Limited (SEHK:8480) completed the acquisition of a 37.25% stake in Energy Solution Global Limited from Pua Lay Cheng and Lee Eng Lock on December 13, 2021. The transaction has been completed following the fulfillment of the conditions precedent.