Alset Inc. has announced an update regarding its acquisition efforts involving New Energy Asia Pacific Inc. (NEAPI). The company has entered into a Stock Purchase Agreement with Chan Heng Fai, its Chairman and CEO, to acquire all issued and outstanding shares of NEAPI. NEAPI holds a 41.5% stake in New Energy Asia Pacific Company Limited, a Hong Kong-based corporation specializing in the distribution of all-electric vehicles, charging stations, and batteries. The transaction has received approval from Alset's Board of Directors and Audit Committee, with the Chairman and his son recusing themselves from the decision-making process. This strategic move aligns with Alset's commitment to sustainable and eco-friendly solutions. The completion of the acquisition is contingent upon customary closing conditions, including majority shareholder approval.
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