According to the news from Zhito Finance APP, POWERLONG (01238) announced that the hearing for seeking the court's approval for the plan took place on December 17, 2024, and based on the court's order (approval order), the plan has been approved. The approval order has been submitted to the Director of the Companies Registry for registration on the same day.

As stated in the explanatory statement, the plan will take effect upon the fulfillment of all conditions of the plan, namely: (a) the plan is approved by a majority of plan creditors (whether present in person, including those authorized by the company, or by proxy) voting at the plan meeting, with at least 75% of the total voting value of the plan creditors present at the meeting approving the plan (with or without amendments); (b) the court's approval of the plan (with or without amendments); (c) submission of a stamped copy of the approval order to the Director of the Companies Registry; and (d) the relevant parties formally signing the commitment deed.

The company is pleased to announce that as of the date of this announcement, all conditions of the plan have been met, and the effective date of the plan has been set for December 17, 2024.