As per the announcement by Wisdom Wealth Investment (00007) on June 8, 2024, the company has entered into a memorandum of understanding on proposed subscription of shares with Happy Win Resources Limited. The company intends to allot and issue new shares while the subscriber intends to subscribe for new shares, with the maximum subscription amount being HKD 150 million.

It is reported that the subscriber is a limited company registered in the British Virgin Islands and is a wholly-owned subsidiary of Asia Linkers (00679).

As stated in our interim report, as of June 30, 2023, the Group had outstanding loans of approximately HKD 428 million. The company urgently needs funds to repay the outstanding loans and solve the Group's financial problems. On May 23, 2024, the Group entered into a sale and purchase agreement with an independent third party to sell all the equity of Millhaven Holdings Limited for a consideration of HKD 180 million. The completion of the sale is subject to certain conditions being fulfilled, including obtaining shareholder approval by ordinary resolution under the relevant listing rules and codes on takeovers and mergers, as detailed in the company's announcement dated May 31, 2024. The net proceeds from the sale will be used to repay part of the overdue principal owed to Shinny Solar Limited. The company intends to use the net proceeds from the proposed subscription of shares to repay the remaining overdue principal and accrued interest owed to Shinny Solar Limited, as well as the overdue loans and interest owed to other creditors.