Enviro Energy International Holdings Limited (SEHK:1102) entered into memorandum of understanding to acquire 51% of Champion Union Holdings Limited from Cheung Wai Wa for HKD 39 million on March 17, 2021. The Consideration shall be paid through an initial payment of HKD 4 million in cash as deposit within 5 days upon the signing of the Definitive Agreement, the remaining balance of the Consideration shall be settled by way of the issuance of promissory notes with a principal amount of HKD 35 million by the Enviro to Cheung Wai. It is expected that subject to the fulfillment of the Profit Guarantee for the year ending 31 December 2021, the Promissory Notes with principal amount of HKD 15 million ‘‘Promissory Notes A'' will be redeemed by 15 April 2022 and subject to the fulfillment of the Profit Guarantee for the year ending 31 December 2022, the Promissory Notes with principal amount of HKD 20 million "Promissory Notes B’'. Completion of the Acquisition is subject to all necessary authorisations, consents and approval from the Stock Exchange in relation to the acquisition having been obtained. The transaction is expected to complete in 2021.