Auto Italia Holdings Limited has announced a change in its substantial shareholder. The company disclosed that a Purchaser’s Group, described as a European provider of intelligent solutions for new energy commercial vehicles, has agreed to acquire a total of 1,300,000,000 shares in Auto Italia Holdings Limited, representing approximately 21.34% of the company's issued share capital. This acquisition will be completed through the purchase of 995,275,000 shares from VMS Investment Group Limited and the acquisition of the entire issued share capital of Maini, which indirectly holds 304,725,000 shares through its wholly-owned subsidiary, Gustavo. Upon completion of the transaction, Mr. Chong Tin Lung Benny and VMS will retain 270,907,472 shares, or about 4.45% of the company's issued share capital, and will cease to be substantial shareholders. The Purchaser and its ultimate beneficial owners are independent third parties not connected with the company or its connected persons. Completion of the transaction is subject to certain conditions precedent and is expected to take place within 30 calendar days after the date of the agreement.

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