Canvest Environmental Protection (HKG:1381) will hold an extraordinary general meeting on May 12 to vote on the go-private proposal of Grandblue Environment (SHA:600323).

The privatization will be carried out through a scheme of arrangement alongside various asset disposals and listing withdrawal.

Grandblue Environment is offering to pay HK$4.90 per Canvest share, valuing the go-private transaction at HK$11.1 billion, according to a Thursday disclosure with the Hong Kong Exchange.

Upon deal completion, Canvest parent Best Approach would retain a 7.23% stake, while Grandblue owns 92.77% of the sanitation solutions provider.