China HK Power Smart Energy Group (HKG:0931) will allot and issue 717,948,718 shares to chairman Kan Che Kin, Billy Albert, to settle a partial repayment amount of HK$140 million of a shareholder's loan owed to the latter, an April 17 Hong Kong bourse filing said.

The shares, to be issued at HK$0.195 apiece, represent roughly 9.71% of the company's enlarged issued share capital.

The loan capitalization contract is subject to shareholder approval.

Kan Che Kin, Billy Albert, who is also an executive director of the liquefied natural gas and smart energy company, currently holds 60.54% of the company's issued share capital.