Enviro Energy International (HKG:1102) said it will hold an extraordinary general meeting on March 26 to seek shareholder approval for its proposed acquisition of a 60% stake in Sapphire Asia, according to a Tuesday Hong Kong bourse filing.

Shares of the building materials supplier were up over 4% in Tuesday morning trade.

The company agreed to acquire the stake for HK$68 million from Amethyst Asia and Ruby Asia, which hold 90% and 10% of Sapphire Asia, respectively.

Enviro Energy plans to settle the consideration by issuing 1.36 billion shares at HK$0.05 each, representing about 48.6% of its enlarged share capital.

Upon completion, Enviro Energy will hold 60% of Sapphire Asia, while Amethyst Asia and Ruby Asia will retain 36% and 4% stakes, respectively.